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Rand News Update │ Rand trading on backfoot

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 on the backfoot in early trades this morning, as its trading at level of 18.7150. The local unit traded in a range of 18.50 to 18.58 in yesterday’s session, after trading at a high of 18.70 in the overnight session. The predicted trading range for the rand today is between 18.4500 to 18.9500.

Support levels of the rand is at 18.62, 18.52 and ultimately a level of 18.37. On the top side the resistance levels are 18.77, 18.85 and then a high of 18.94. Global market focus today is on the U.S. personal consumption data and the Federal Reserve inflation gauge. Tomorrow we can expect the U.S. non-farm payrolls.

The rand suffered some losses yesterday after local data released showed the country’s private sector credit grew slower than expected and the budget shortfall grew. Central bank data showed private sector credit increased to 5.87% year on year in July, which is down from 6.25% in June.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.6810 versus the dollar.

  • GBP: 23.71

  • Euro: 20.33

  • Gold: 1945 USD

  • Bitcoin: 27 250 USD

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