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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.
An introduction to the US dollar to South African rand exchange rate
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.
Facts to know about the USD/ZAR currency pairing
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.
- After picking itself up from the depths of the financial crisis, the USD/ZAR exchange rate was making a gradual recovery until the end of 2015, when the pairing began to slowly lose ground.
- The highest level in the last ten years for the USD/ZAR exchange rate was ZAR 16.88, hit on the 17th January 2017 – just days before Donald Trump was inaugurated as President of the United States.
- The lowest level seen during the same period was achieved on the 7th of November 2007 following two lots of rate cuts from the Federal Reserve.
US dollar and South African rand currency information
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.
What causes USD/ZAR exchange rate fluctuations?
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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