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 made some good recovery during the overnight session, to reach a low of 18.5150. The local unit traded in a range of 18.63 to 18.75 during most of the session as market conditions were relatively muted. he predicted trading range for the rand today is between 18.5000 to 18.8000.
Local data due for today is the mining production and manufacturing production. If the data is positive, it could provide some support for the rand. In the U.S. markets will shift focus to the Producer Price Index due this afternoon.
Gold and oil prices are improving on account of U.S. data and crude stockpiles. U.S. markets are still looking for more insight on when the Federal Reserve will start loosening policies.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.6281 versus the dollar.
GBP: 23.84
Euro: 20.38
Gold: 2168 USD
Bitcoin: 73 355 USD
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