Exchange-rates.org has been a leading provider of currency, cryptocurrency and precious metal prices for How to buy gbtc nearly 20 years. Our information is trusted by millions of users across the globe each month . We have been featured in some of the most prestigious financial publications in the world including Business Insider, Investopedia, Washington Post, and CoinDesk. You’ll now see the value of the converted currency according to the most recent exchange rate.
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They add hidden markups to their exchange rates – charging you more without your knowledge. You can send a variety of international currencies to multiple countries reliably, quickly, and safely, and at a rate cheaper than most banks. Krugerrands are gold coins that are bought primarily by investors in the precious metal.
First series
For the most part, the rand’s value has been linked to the price of gold, South Africa’s main export during its early days. In recent years, the rand is somewhat correlated with gold prices as the South African economy still relies on gold exports. By the late 1980s and early 1990s, the political landscape was changing. Nelson Mandela, a leader of the anti-apartheid struggle, was released from prison after 27 years on February 11, 1990. The asset pricing and portfolio choice theory South African rand (ZAR) is the official currency of the nation of South Africa, with the symbol ZAR being the currency abbreviation for the rand in foreign exchange markets.
- Below, you’ll find South African Rand rates and a currency converter.
- As of September 2024, the rand was worth about 0.05 USD.
- Several countries use the U.S. dollar as their official currency, and many others allow it to be used in a de facto capacity.
- In sterling terms, it fell from around 9.5% to just over 7%, losing some 25% of its international trade-weighted value in six months.
- In 2012, a banknote with an image of former President Nelson Mandela was issued as the first in a series.
Below, you’ll find South African Rand rates and a currency converter. Banks often advertise free or low-cost transfers, but add a hidden markup to the exchange rate. Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers. Rand coins are issued in denominations of 1, 2, 5, 10, 20, and 50 cents. Banknotes are issued in denominations of 10, 20, 50, 100, and 200 rands.
Xe Currency Charts
However, the period between 3-4 PM GMT is often a good time to convert South African Rands to US Dollars because currency market liquidity and trading volume tend to be the highest during this time. Additionally, it’s advisable to convert South African Rands to US Dollars early in the week if you need USD urgently. Executing a trade late in the week might result in a delayed settlement until the following week, as forex markets are closed on weekends. Its symbol is simply ‘R’, and its currency code is ZAR, from the Dutch ‘zuid-afrikaanse rand’, or South African rand.
The 1978 series began with denominations of 2, 5, 10, and 20 rand, with a 50 rand introduced in 1984. This series had only one language variant for each denomination of note. Afrikaans was the first language on the 2, 10, and 50 rand, while English was the first on the 5 and 20 rand. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. The South African rand (ZAR) is the currency of South Africa and is issued by the South African Reserve Bank. The name is derived from the word ‘Witwatersrand’, which means ‘ridge of white waters’.
Popular US Dollar (USD) Pairings
As of September 2024, the rand was worth about 0.05 USD. Through the RMA agreement, the South African rand remained legal tender in all member nations and circulated alongside the national money of the member nations. This sudden depreciation in 2001 led to a formal investigation and a dramatic recovery. By the end of 2002, the currency was trading under R9 to the dollar again, and by the end of 2004, it was trading under R5.70. forex trading manual The currency softened somewhat in 2005, trading around R6.35 to the dollar at the end of the year.