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 trading at a level of 18.50 after it traded in a very wide range between 18.27 to 18.66 in yesterday’s session. The local unit’s weakness in the overnight session was as a result of the ZAR improving too quick too soon.
There are no local data due for release to influence the rand’s projection. Important global data to look at is the Bank of Japan’s decision to keep the interest rates unchanged. The BOJ has been the most accommodative central bank by far, as the country’s GDP and consumption is improving along with a rise in inflation.
The rand will look for support at 18.49, 18.33 and then a low of 18.08. The resistance levels for the rand are at 18.75, 18.92, following with a high of 19.08.
At time of writing:
The Rand traded at 18.5127 versus the dollar.
GBP: 23.50
Euro: 20.25
Gold: 2018 USD
Bitcoin: 42 997 USD
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