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 on an improvement trend towards a level of 18.0000. The local unit reached its best level of 18.1325 in yesterday’s session and its worst level of 18.2725. The rand has managed to reach the technical support level of 18.2000 with 18.0000 being the next test. The predicted trading range for the rand today is between 18.0500 to 18.4500.
The rand has managed to recover against the dollar from its losses made in May. The local unit lost over 7% against the greenback, but the less intense power cuts are lending support to the rand.
There has been some political tension between South Africa and the United States, as South Africa’s relationship with Russia is getting stronger. Analysts are predicting an adjustment that is overdue, where we could see the USD/ZAR move back towards the 19.00 level.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.1577 versus the dollar.
Gold: 1953 USD
Bitcoin: 26 740 USD