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 South African rand to US dollar exchange rates
Do you need to make a currency transfer between South Africa and the United States? The South African rand to US dollar exchange rate allows you to convert your funds for use in the US.
ZAR/USD exchange rate movement facts
The damage caused to the US economy by the 2007/2008 financial crisis allowed the ZAR/USD exchange rate to make strong gains, but since then the recovery in the States has largely hammered the rand lower.
- In the last ten years, the best level recorded for ZAR/USD was $0.1550, achieved on the 7th November 2007.
- ZAR/USD fell to its lowest level of the past ten years on the 18th January 2016, just before the inauguration of President Donald Trump, when the pairing hit $0.0593.
Key facts to know about the South African rand and US dollar
The South African rand doesn’t have any nicknames that are commonly used on the currency markets, but derives its ZAR currency code from its Dutch name; Zuid-Afrikaanse Rand./p>
The US dollar, meanwhile, is nicknamed the ‘Greenback’ or the ‘Buck’. US paper money is available in denominations of $100, $50, $20, $10, $5, $2 and $1. Coins are available in denominations of $1, 50¢, 25¢, 10¢, 5¢.
Causes of ZAR/USD exchange rate fluctuations
The South African rand is heavily influenced by the fraught political situation – accusations of corruption and unethical government spending are rife, and these weigh heavily on the currency markets.
The US dollar is heavily influenced by the outlook for monetary policy. The Federal Reserve was forced to drastically cut interest rates and implement quantitative easing after the financial crisis. Signs that central bankers are looking to reign in their monetary stimulus programmes have a significant impact on USD.
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