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 slightly weaker today after it spiked more than 1% in the previous session. The local unit traded between levels of 18.83 to 19.10 in yesterday’s session. The support levels the ZAR will target is 1875, 18.64 and then a low of 18.45. On the top side the resistance levels will be at 18.94, 19.05 and a high of 19.23. The predicted trading range for the rand today is between 18.6500 to 19.1500.
Global market focus has moved to the much-anticipated U.S. inflation data due tomorrow. Economists will use this data to shed some light on the direction the Federal Reserve will take regarding the interest rate.
The rand got some support from China’s strong lending data and fresh stimulus measures. China is South Africa’s biggest trading partner.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.8750 versus the dollar.
Gold: 1921 USD
Bitcoin: 25 810 USD