Rand News Update │ Rand struggle to hold onto gains

coins

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 is struggling to hold onto its gains after it reached its best level of 15.7700 in yesterday’s trades. It continued to trade marginally weaker as it reached its highest level of 15.9250 for the day. The technical support level is at 15.8000 which the local unit is trading very close to. The predicted trading range for the rand today is between 15.6500 and 16.0500.

The ZAR is trading in a very limited range with advantage to the USD. There are various positive and negative factors influencing the rand’s outlook, which is resulting in the currency trading very cautiously.

There is some indication that the U.S. economy is decelerating which could influence the U.S. Federal Reserve to slow down on rate increases in the second half of the year. This will result in emerging currencies relaxing slightly. Although, if the U.S. economy slow down it will influence South Africa’s economy which is driven by commodity.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.9000 versus the dollar.

  • GBP: 19.4976
  • Euro: 16.82
  • Gold: 1826 USD
  • Bitcoin: 21 136 USD

To start sending and receiving money today, download the SFX app now on Android or iOS

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

We Would Love To Hear From You!

More To Explore