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Rand News Update │ Rand volatility possible this week

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 could encounter some volatility this week ahead of some data releases scheduled this week. The local unit traded erratically on Friday as it reached its best level of 18.6150 after the U.S. non-farm payroll releases, before closing the week at 18.8200. The predicted trading range for the rand today is between 18.5500 to 18.9500.

Short-term technical indicators are suggesting the rand could encounter even more weakness before some recovery mid-September. The support level for the rand is at 18.66, 18.48 and 18.36 with resistance level at 18.95, 19.07 and then a level of 19.1900.

Local focus this week will be on the South African Reserve Bank’s release of the second quarter current account and GDP data. Analysts are expecting a 0.4% growth, but the current loadshedding schedule is putting a damper on it.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.8265 versus the dollar.

  • GBP: 23.76

  • Euro: 20.32

  • Gold: 1943 USD

  • Bitcoin: 25 980 USD

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