Rand News Update │ Rand remains in unstable state

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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 money or want the latest money transfer news.

The South African rand remains in an unstable state as the new week opened at a level of 14.8000 yesterday. The local unit traded on the back foot as it reached a high level of 14.8875 but made a recovery and reached its best level for the day of 14.7000. A short-term technical move above 14.8000 would potentially indicate a move above 15.0000. The predicted trading range for the rand today is between 14.5000 and 15.0000.

The rand received its support from precious metals on Monday, but prices of gold, platinum and palladium decreased on Tuesday. Global markets are turning towards a more positive outlook as there is an improvement in U.S. China trade ties.

Local focus this week will be on domestic data releases which include the producer price index as well as budget and trade numbers to be expected. Next week’s attention will be on the municipal election on Monday. This will give indication to the support for the governing African National Congress.

Foreign Exchange Rates

At time of writing:

The Rand traded at 14.7147 versus the dollar.

  • GBP: 20.27
  • Euro: 17.71
  • Gold: 1801 USD
  • Bitcoin: 62 841 USD

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