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Rand News Update │ Rand trading below level of 18.70

We publish this daily rand news update of the rand to dollar rates and factors which influence foreign exchange markets, to help you make better decisions whether you send money, receive, or want the latest money transfer news.


The South African rand reached the support level of 18.70 during yesterday’s session after opening Thursday at a level of 18.81. The local unit has enjoyed its recent rally this week, reaching best levels since early February. The predicted trading range for the rand today is between 18.6000 to 19.0000.


The rand has been boosted by the price of gold, which is one of the country’s key exports. Although local economic data has been broadly negative, there is no clear evidence that the rand will continue its trend. Global market focus will shift to the U.S. non-farm payrolls due this afternoon. Forecast is showing a gain of 200k jobs, which is down from 353k jobs in February.


The rand will look for support at 18.60, 18.52 and then a low of 18.39. The resistance levels for the rand are at 18.74, 18.81, following with a high of 18.94.

 

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.6687 versus the dollar.

  • GBP: 23.90

  • Euro: 20.41

  • Gold: 2162 USD

  • Bitcoin: 67 268 USD

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Rand News Update │ Rand weaker at level of 18.70

We publish this daily rand news update of the rand to dollar rates and factors which influence foreign exchange markets, to help you make better decisions whether you send money, receive, or want the

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