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 higher compared to its closing level of low 17.60s on Friday. The local unit traded with massive volatility on Friday of a range between 17.5700 and 17.9800. The predicted trading range for the rand today is between 17.4000 to 17.9000.
The rand ran into resistance at a level of 18.0000 on Friday, although the short-term technical support level remain around 17.50 level. Local market data to expect for today is the South African Revenue Service’s report on June’s trade figures. Analysts are predicting a trade surplus of R11.85 billion.
Gold and oil prices are lower compared to last week. But both are on course for its biggest monthly gains. Oil prices are influenced by the expectations that Saudi Arabia will extend its voluntary output cuts into September which will limit global supply. Gold’s support is linked to expectations that major global bank may be at the end of their monetary policy tightening cycles.
Foreign Exchange Rates
At time of writing:
The Rand traded at 17.6819 versus the dollar.
Gold: 1952 USD
Bitcoin: 29 385 USD