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 weakened to trade above a level of 19.2000 in this morning’s session. The local unit traded in a range of 19.0875 to 19.2150 in yesterday’s session. The predicted trading range for the rand today is between 19.0000 to 19.4000.
The rand will stay in a vulnerable environment as the local economic outlook looks very dire while the USD is trading with increased strength. Local data releases for today are the Producer Price Index numbers for August. Data we can expect from the U.S. is a speech from Jerome Powell along with second quarter GDP numbers, jobless claims, and home sales numbers.
There is nothing at the moment that will boost the rand, other than perhaps good PPI numbers. If the rand shows any strength, it will most likely be very limited. The rand will look for support at 19.05, 18.90 and then a low of 18.80. The resistance levels for the rand are at 19.30, 19.41, following with a high of 19.51.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.1864 versus the dollar.
GBP: 23.40
Euro: 20.22
Gold: 1876 USD
Bitcoin: 26 414 USD
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