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 is trading relatively weaker after it reached a high of 19.1975 in yesterday’s session. The local unit remains in a volatile territory as global risk-off factors remain elevated. The predicted trading range for the rand today is between 19.0000 to 19.5000.
Local data releases for today are the data from Statistics South Africa. They will publish the country’s Producer Price Index for September. Analysts are predicting producer inflation of 4.7% year-on-year in September and 1.1% month-on-month. Data releases from the U.S. we are waiting on Quarter 3 GDP numbers due today. Improved numbers could indicate to higher U.S. yields.
The rand will look for support at 19.09, 18.99 and then a low of 18.86. The resistance levels for the rand are at 19.32, 19.42, following with a high of 19.55.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.1538 versus the dollar.
Gold: 1990 USD
Bitcoin: 34 573 USD