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 is trading comfortably at a level of 18.90. The local unit continue to post gains during yesterday’s session to reach its best level of 18.8925. The predicted trading range for the rand today is between 18.8000 to 19.1500.
The USD has weakened during yesterday’s session after weaker data released in the U.S. Market focus this week will be on Jerome Powell’s speech today and tomorrow. Analysts will look for information regarding when the Federal Reserve will start cutting rates. Markets will remain to trade with caution ahead of the non-farm payroll data due on Friday.
The recent price increase of the gold is lending some support to the rand. Although more recovery for the local unit will likely be limited. The rand will look for support at 18.87, 18.77 and then a low of 18.65. The resistance levels for the rand are at 19.08, 19.20, following with a high of 19.31.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.9377 versus the dollar.
GBP: 24.06
Euro: 20.57
Gold: 2129 USD
Bitcoin: 66 205 USD
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