Election Day – how will the pound hold up?
Pre-election jitters failed to knock the pound off its positive footing yesterday, even as opinion polls pointed towards a narrower Conservative lead.
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The current exchange rate for US dollars to South African rand is:
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The US dollar to South African rand exchange rate comes into play when you need to send money between the United States and South Africa. There are hundreds of reasons why you might need to make USD/ZAR currency transfers, from funding a property purchase to accessing pension payments or completing business transactions.
The USD/ZAR pairing is not one of the world’s most traded, taking the 19th spot in 2016 and accounting for under one per cent of all transactions.
The US dollar is often called the ‘Greenback’ or the ‘Buck’ on the currency markets. The South African rand doesn’t have any popular nicknames, but its name does come from the ridge upon which Johannesburg was built; Witwatersrand (white waters’ ridge).
The South African rand is available in notes valued at R 200, R 100, R 50, R20 and R10. Coins come in 5 cent, 10 cent, 20 cent, 50 cent, R 1, R 2 and R 5 denominations. The Rand is accepted in Namibia and is legal tender in Lesotho and Swaziland.
The US dollar is a very stable currency, favoured by the currency markets in times of uncertainty. The Rand is a much more unstable tender, due both to South Africa’s reliance on oil imports and mineral exports, and the nation’s turbulent political system. This means the USD/ZAR exchange rate often fluctuates on news from South Africa’s political sphere and the commodity markets.
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Pre-election jitters failed to knock the pound off its positive footing yesterday, even as opinion polls pointed towards a narrower Conservative lead.
The pound rallied on Wednesday, rebounding from a sudden sell-off earlier in the week as the UK election continued to dominate market sentiment.
The pound fell sharply on Tuesday, collapsing in response to polling data which suggested the Conservatives lead has narrowed just a day before the election.
From the Canary Islands to Florida, you’re spoilt for choice if you want to spend your time chasing the winter sun. Similarly, there are a plethora of great options to choose from if you’re dreaming of a white Christmas.
An unexpected stagnation in the UK’s monthly gross domestic product failed to put the pound under pressure yesterday.
USD exchange rates found fresh confidence as November’s non-farm payrolls report delivered unexpectedly positive results, pushing the unemployment rate down from 3.6% to 3.5%.
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