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 in a very volatile environment as we’ve seen levels of 18.6400 and 18.9000 during this week. The local unit traded at its best level of 18.6400 yesterday and a high of 18.8800. The predicted trading range for the rand today is between 18.5500 to 18.9500.
Earlier in June there was a potential of rate reversal and direction change. Later in the month the USD/ZAR rebounded from 18.1250 to 18.9150 and all reversal risks were abandoned. The short-term technical indicators are pointing towards a 19.0000 level.
Investors are not confident in the rand’s performance in July. Factors like struggling Eskom and U.S. economic data could dampen the ZAR’s support. Market focus today will be on South Africa trade balance data and U.S. personal income and spending data.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.9342 versus the dollar.
Gold: 1902 USD
Bitcoin: 30 761 USD