Rand News Update │ Rand clinging to gains

money transfers and the african continent economy

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 clinging to its gains as it improved significantly in the overnight session. The local unit reached a high of 16.8250 in yesterday’s session after which we saw it recovering to trade as low as 16.5950 at the end of closing. The predicted trading range for the rand today is between 16.2500 and 16.7500.

The rand is edging closer to the next technical short-term support level of 16.3000. Ahead of this the markets will likely be flat heading into the weekend. The Federal Reserve mentioned that the U.S. growth is slowing down, causing the USD to retreat. Local economic data indicated that private sector data in South Africa increased by 7.53% year on year in June.

Even though the ZAR made a huge recovery this week, there is still room for more improvement for the rand to make a breakthrough below 16.0000 in the next two weeks. The current levels are very appealing to exporters.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.5290 versus the dollar.

  • GBP: 20.06
  • Euro: 16.85
  • Gold: 1756 USD
  • Bitcoin: 24 030 USD

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