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.
South African rand to euro exchange rates – an introduction
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.
ZAR/EUR exchange rate movement facts
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 best exchange rate of the last ten years for ZAR/EUR was €0.1142, which was hit on the 8th January 2011.
- During the past decade, ZAR/EUR recorded its weakest rate of €0.0542 on the 17th January 2016.
Key facts to know about the South African rand and euro currencies
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.
Causes of ZAR/EUR exchange rate fluctuations
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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