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 significantly in yesterday’s session after it started the new week off at 18.9400, but it then extended it losses to reach a high of 19.2500. The USD performed stronger after worse than expected PMI numbers released locally. The predicted trading range for the rand today is between 19.0000 to 19.5000.
Oil prices are down for a fourth day as its closely influenced by physical market tightness that’s affecting the demand. Markets are keeping a close eye on the JPY as its trading its lowest in a year. The Bank of Japan is expected to intervene.
Its has been a struggling year for the rand. In June it traded at its all-time low, after which it recovered slightly, but again losing its gains. The local unit is down more that 11% against the USD year to date. The rand will look for support at 19.10, 18.96 and then a low of 18.73. The resistance levels for the rand are at 19.35, 19.47, following with a high of 19.60.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.2490 versus the dollar.
Gold: 1826 USD
Bitcoin: 27 562 USD