The US dollar traded in a wide range yesterday, initially stumbling amid Omicron fears, before rallying sharply after Federal Reserve Chair Jerome Powell’s tapering comments.
The latest ZAR/AUD exchange rate information
Whether you’re living in Australia, planning to purchase a property, or wish to send money to friends or family in the antipodes, you’ll need to use the ZAR/AUD exchange rate to transfer your funds into the local currency.
What should you know about ZAR/AUD exchange rate movement?
While both the South African rand and Australian dollar falling into the category of ‘higher-risk’ assets, the Australian dollar is a far more stable currency than the rand.
- The rand has not fared well against the Australian dollar over the past ten years, spending much of that time on the decline overall.
- The best ZAR/AUD exchange rate of the past ten years was recorded on 5th December 2007, when the pairing was at AU$0.1702.
- The ZAR/AUD exchange rate finally bottomed out at AU$0.0840 on the 15th March 2016.
Key South African rand to Australian dollar currency facts
The South African rand derives the currency code ZAR from its name in Dutch; Zuid-Afrikaanse Rand. It has no commonly-used nicknames. The Australian dollar, however, is often called the ‘Aussie’.
Australian coins are available in denominations of $2, $1, 50 cents, 20 cents, 10 cents and 5 cents. Up until 1991 there were also one and two cent coins in circulation, but they were discontinued because it was actually costing more to make them than they were worth.
Causes of ZAR/AUD exchange rate fluctuations
Politics is a key driver of South African rand exchange rates, with the government being beset by accusations of corruption and lavish spending.
The Australian dollar is sensitive to movements in the price of iron ore as this is Australia’s largest export. As China is a key trade partner, signs of strength or weakness in the Chinese economy also have a knock-on effect on AUD.
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The US dollar attempted a recovery from Friday’s slump on Monday as fears eased over the Omicron coronavirus variant. However, concerns have returned this morning and the US dollar has fallen back in line with lower US Treasury yields.
The US dollar was placed on the defensive on Friday due to doubts whether the Federal Reserve will be willing to hike interest rates amidst worries over a new Covid variant of concern.