These top forex trading strategies and free weekly trade setups are the lowest points the exchange rate has been at in the last 30 and 90-day periods. These are the highest points the exchange rate has been at in the last 30 and 90-day periods. The South African rand, which is abbreviated ZAR, is the national currency of South Africa. Eswatini, Lesotho, and Namibia also peg their currencies to the rand. During the global coronavirus pandemic, the rand weakened to more than R17 per USD and, as of February 2024, settled to nearly R19 per USD. Gold is the country’s most exported good, representing 14% of total exports in 2021 or $20.1 billion.

Top currency pairings for US dollar

The South African rand (ZAR) was first introduced in February 1961, just before the Republic of South Africa was established. The rand replaced the South African pound at a rate of 2 rand to 1 pound. Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance.

Check live rates, send money securely, set rate alerts, receive notifications and more. Create a chart for any currency pair in the world to see their currency history. These currency charts use live mid-market rates, are easy to use, and are very reliable. If you don’t spend all of your USD on your trip, you have 30 days upon your re-entry to South Africa to sell it back to an authorized dealer.

In late 2007, the rand rallied modestly to just over 8%, only to experience a precipitous slide during the first quarter of 2008. This sudden depreciation in 2001 led to a formal investigation and a dramatic recovery. By the end of 2002, the currency was trading under R9 to the dollar again, and by the end of 2004, it was trading under R5.70. The currency softened somewhat in 2005, trading around R6.35 to the dollar at the end of the year. At the start of 2006, however, the currency resumed its rally and, as of 19 January 2006, was trading under R6 to the dollar again. However, the rand weakened significantly during the second and third quarters of 2006 (i.e., April through September).

South Africa also exports other commodities, including palladium and iron ore, to predominately China, Europe, and the United States.However, major world developments have also determined ZAR’s price trajectory. The September 11 attacks in 2001 created global uncertainty, and the rand took a steep dive, falling to R13 per U.S. dollar (USD). Above all else, the central bank is in charge of the achievement and maintenance of price stability. This also includes intervention in the forex markets when necessary.

US dollars to South African rand today

These percentages show how much the exchange rate has fluctuated over the last 30 and 90-day periods. Keep in mind that exchanging currency often comes with added fees that a conversion calculator won’t be able to predict. For instance, credit card companies and ATM networks usually charge a 1% conversion fee on all foreign transactions. Individual merchants may also charge supplemental fees if you ask them to convert the price of an item to your home currency at checkout.

1. The 1 rand coin for circulation was introduced in 1967, followed by 2 rand coins in 1989 and 5 rand coins in 1994.
2. The terms of the new agreement provided Swaziland with additional flexibility in its monetary policy.
3. Through the RMA agreement, the South African rand remained legal tender in all member nations and circulated alongside the national money of the member nations.
4. For the most part, the rand’s value was linked to the price of gold, South Africa’s main export, during its early days.
5. Up until the early 1970s, the rand was worth around R1.5 per U.S. dollar (USD).

Exchange rate

The currency code for Rand is ZAR, and the currency symbol is R. Below, you’ll find South African Rand rates and a currency converter. In 1986, following the substantial depreciation of the rand, the countries replaced the RMA with the Common Monetary Area (CMA) to manage monetary policy. The CMA and the Southern African Customs Union work together to help member nations. The terms of the new agreement provided Swaziland with additional flexibility in its monetary policy. Modeled on the Bank of England (BoE), the South African Reserve Bank (SARB) stands as the monetary authority for South Africa and issues its currency.

Adam received his master’s in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University Emerging stocks definition in Jerusalem. In 2013, the 2012 series was updated with the addition of the EURion constellation to all five denominations.[43] They were entered into circulation on 6 November 2013.

The rand comes from the word “Witwatersrand,” which means “white waters ridge.” Johannesburg, the location of a majority of South Africa’s gold deposits, is located on this ridge. The 2005 series has the same principal design but with additional security features, such as colour-shifting ink on the 50 rand and higher and the EURion constellation. The obverses of all denominations were printed in English, while two other official languages were printed on the reverse, thus using all 11 official languages of South Africa. In sterling terms, it fell from around 9.5% to just over 7%, losing some 25% of its international trade-weighted value in six months.

By the early 1980s, high inflation and mounting political pressure combined with sanctions placed against the country due to international opposition to the apartheid system had started to erode its value. The currency broke above parity with the dollar for the first time in March 1982. It continued to trade between R1 and R1.30 to the dollar until June 1984, when the currency’s depreciation gained momentum. By February 1985, it was trading at over R2 book review of trade like a stock market wizard by mark minervini per dollar, and in July of that year, all foreign exchange trading was suspended for three days to try to stop the depreciation. When the rand was introduced in 1961, its value was linked to the price of gold. After the end of apartheid, the rand’s value began to fluctuate more as South Africa’s economy became more closely tied to the global economy.

The resulting number will show you the amount of USD that you have to spend on your trip. The other option is to do the calculation manually using a simple mathematical formula. However, in order to do this, you need to know the current exchange rate. Our currency rankings show that the most popular South African Rand exchange rate is the ZAR to USD rate.

If you’re planning a trip to the United States in the near future, you may want to exchange some of your money into the United States dollar, the country’s official currency. Krugerrands and the South African rand are not the same currency. Krugerrands are gold coins that have legal tender status in South Africa but no assigned rand value.

Before the agreement, these countries had participated in an informal arrangement among the same countries where only the South African currency circulated. Krugerrands are among the most frequently traded gold coins in the world market. The South African rand is made up of 100 cents and is often presented with the symbol R.

Third series

In 1961, the South African Rand replaced the Pound under a decimalized system. Coins were introduced in 1961 in denominations of 1⁄2, 1, 2+1⁄2, 5, 10, 20, and 50 cents. The 1⁄2 cent coin was last struck for circulation in 1973.

The 1978 series began with denominations of 2, 5, 10, and 20 rand, with a 50 rand introduced in 1984. This series had only one language variant for each denomination of note. Afrikaans was the first language on the 2, 10, and 50 rand, while English was the first on the 5 and 20 rand. Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate.