Rand News Update │ Rand closing on positive level

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 closing on a positive level for the week. In yesterday’s session the local unit traded as high as 16.8225 but recovered significantly in the overnight session to trade below 16.7000 level. The predicted trading range for the rand today is between 16.5000 and 16.8000.

Global market focus will be on the U.S. non-farm payrolls data due later today. Investors will use this information as insight on how the economy is progressing. Some local data released this week included central bank figures indicating that South Africa’s reserves declined from $53.813 billion in June to $53.737 billion in July.

This week the rand has fluctuated incredibly which was caused by global market factors. If the USD and ZAR pair close this week off below a level of 16.3831, it will be s positive sign for the month to come.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.6357 versus the dollar.

  • GBP: 20.18
  • Euro: 17.02
  • Gold: 1786 USD
  • Bitcoin: 23 124 USD

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