The pound rocketed on Wednesday, striking a new six-week high against the US dollar amidst renewed hopes for a UK-EU Brexit trade deal.
Key facts to know about AUD/ZAR exchange rates
The Australian dollar to South African rand exchange rate has seen steady growth over the past ten years, with only a few periods of persistent weakness.
- Both AUD and ZAR were heavily affected by the financial crisis, but the Australian dollar’s higher standing in the currency markets kept it the dominant currency in the pairing.
- AUD/ZAR saw its weakest rate of the past ten years at the beginning of December 2007, when the pairing slipped to ZAR 5.8734.
- The highest rate of the last ten years for AUD/ZAR was ZAR 10.81, struck in the middle of March 2016.
Key Australian dollar and South African rand currency facts
The Australian dollar has the nickname ‘the Aussie’. The South African rand is named after the ridge upon which Johannesburg was eventually built, as it is home to much of the country’s gold deposits. South African banknotes come in denominations of ZAR 10, ZAR 20, ZAR 50, ZAR 100 and ZAR 200. Coins come in iterations of 5 cents, 10 cents, 20 cents, 50 cents, 1 rand, 2 rand and 5 rand.
What causes movement for AUD/ZAR exchange rates?
Mineral prices are big influencers on the Australian dollar and South African rand, as both their respective nations are large producers of raw materials. Iron ore is the most important for Australia, while South Africa produces a lot of gold.
Also impacting the AUD/ZAR exchange rate is the turbulent political system in South Africa, where accusations of corruption are rife and weigh on the government’s attempts to rescue the economy.
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