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.

Convert from South African Rand (ZAR) to United States Dollar (USD)

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 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.

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Krugerrands were designed to derive their value exclusively from the price of gold at the time they are traded. If the price of gold changes, so does the price of Krugerrands. These are the average exchange rates of these two currencies for the last 30 and 90 days. You can send a variety of international currencies to multiple countries reliably, quickly, and safely, and at a rate cheaper than most banks. For the most part, the rand’s value was linked to the price of gold, South Africa’s main export, during its early days.

1. Gold is the country’s most exported good, representing 14% of total exports in 2021 or $20.1 billion.
2. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses.
3. The currency softened somewhat in 2005, trading around R6.35 to the dollar at the end of the year.
4. The establishment of the Rand Monetary Area (RMA) in 1974 allowed Swaziland, Botswana, and Lesotho to issue currencies unique to their nations.

South African Rand to United States Dollar

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.

These 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.

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.

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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 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.

Why Is South African Currency Called the ZAR?

The 1978 series began with ingot brokers review and ratings 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.

By the time that State President P. W. Botha made his Rubicon speech on 15 August 1985, it had weakened to R2.40 per dollar. The currency recovered somewhat between 1986 and 1988, trading near the R2 level most of the time and breaking beneath it sporadically. The recovery was short-lived; by the end of 1989, the rand was trading at more than learn how to trade the market in 5 steps 2020 R2.50 per dollar. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate.

The 1 rand coin for circulation was introduced in 1967, followed by 2 rand coins in 1989 and 5 rand coins in 1994. The U.S. dollar is a global reserve currency, which means foreign central banks hold it in their reserves in addition to their own currency. USD is used in about 40% of global trade and nearly 80% of all global top 5 stop loss orders strategies for futures trading cross-border transactions, according to financial services firmSchwab.

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.