Rand News Update │ Rand make good recovery
- imke740
- Jul 10, 2023
- 1 min read
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 made good recovery on Friday afternoon after it reached a high of 19.1450 on the day. The U.S. NFP data released on Friday, surprised to the downside which caused the USD to weaken and the local unit to trade back below a 19.0000 level. The predicted trading range for the rand today is between 18.6500 to 19.1500.
The improvement the rand made on Friday, seems to have stabilised and is trading steady at a level between 18.80-18.90. Market focus will be in the U.S. consumer inflation data due for Wednesday, while markets will trade with caution ahead of this announcement.
Like other emerging market currencies, the risk-sensitive rand will take cues from big global drivers when there is not much going on in local markets and news.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.7626 versus the dollar.
GBP: 24.05
Euro: 20.58
Gold: 1924 USD
Bitcoin: 30 150 USD
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