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 South African rand to euros is:
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Sending money from South Africa to the Eurozone? People use the currency markets to send money in order to pay living costs, rent, buy a property, get hold of their South African pension, start a business or pay staff. The ZAR/EUR exchange rate converts your rand into the local euro currency.
The ZAR/EUR exchange rate has been on rocky form these past ten years, as political tensions in South Africa and the Eurozone sovereign debt crisis kept the pairing on the rocks.
The South African rand doesn’t have any widely-used nicknames, but gets its ZAR currency code from the Dutch name for it; Zuid-Afrikaanse Rand. Meanwhile, the euro is often referred to as the ‘single currency’ or the ‘common currency’.
Euro banknotes come in denominations of €5, €10, €20, €50, €100, €200 and €500 – the €500 note is no longer being produced, but is still in circulation and is still legal tender.
The South African rand is heavily influenced by the fraught domestic political situation – accusations of corruption and unethical government spending are rife, and these weigh heavily on the currency markets.
Meanwhile, the Eurozone is still tentatively recovering from the sovereign debt crisis; signs the regional economy is doing well support the euro, but signs of weakness send it lower.
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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.
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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.
An unexpected stagnation in the UK’s monthly gross domestic product failed to put the pound under pressure yesterday.
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