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 is on a downward trend and closed on a level of 18.6800. The local unit traded in a range of 18.67 to 18.85 during yesterday’s session. The predicted trading range for the rand today is between 18.5000 to 18.8000.
The greenback weakened after PMI numbers dropped and the ADP numbers came in higher at 184k jobs compared to forecast of 148k jobs. Federal Reserve Governor, Jerome Powell reiterated that U.S. rates were still in course to be lowered this year, although no timeline was given.
Data due for today is PMI numbers from Europe and trade numbers from the U.S. The rand will look for support at 18.85, 18.50 and then a low of 18.37. The resistance levels for the rand are at 18.80, 18.94, following with a high of 19.07.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.6140 versus the dollar.
GBP: 23.55
Euro: 20.21
Gold: 2292 USD
Bitcoin: 66 300 USD
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