Wise is a Money Service Business registered with FinCen. In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider. The rand was one of the emerging market currencies that was hit hard by the 2008 financial crisis and the coronavirus pandemic. 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.

Nelson Mandela, a leader of the anti-apartheid struggle, was released from prison after 27 years on February 11, 1990. The 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. We partner with leading data providers to bring you the latest and most accurate prices for all major currencies, cryptocurrencies and precious metals. When the rand was introduced in 1961, its value was linked to the price of gold. After the end of apartheid, the rand’s value began to fluctuate more as South Africa’s economy became more closely tied to the global economy. Up until the early 1970s, the rand was worth around R1.5 per U.S. dollar (USD).

ZAR To USD Convert South African Rand To United States Dollar

Three countries that peg their currency with the rand are Eswatini, Lesotho, and Namibia. During the global coronavirus pandemic, the rand weakened to more than R17 per USD and, as of February 2024, settled to nearly R19 per USD. Several African countries in the region peg their national currencies to the rand, including the Eswatini Lilangeni and Lesotho Loti. The establishment of the Rand Monetary Area (RMA) in 1974 allowed Swaziland, Botswana, and Lesotho to issue currencies unique to their nations.

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The ZAR and USD can be traded 24×5, starting from the time markets open on Monday mornings in Sydney until they close on Fridays at 5 PM in New York. Exchange rates can fluctuate by the minute while markets are open. However, the period between 3-4 PM GMT is often a good time to convert South African Rands euro dolar parite analizleri güncel eur to US Dollars because currency market liquidity and trading volume tend to be the highest during this time.

Conversion Rates US Dollar/South African Rand

And with our daily summaries, you’ll never miss us dollar to south african rand exchange rate out on the latest news. The krugerrand and the rand are both South African but they are not the same currencies.

1. The South African rand (ZAR) is the currency of South Africa and is issued by the South African Reserve Bank.
2. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate.
3. In 1986, following the substantial depreciation of the rand, the countries replaced the RMA with the Common Monetary Area (CMA) to manage monetary policy.
4. Our smart tech means we’re more efficient – which means you get a great rate.

In late 2007, the rand rallied modestly to just over 8%, only to experience a precipitous slide during the first quarter of 2008. The controversial land reform programme that was initiated in Zimbabwe, followed by the September 11, 2001 attacks, propelled it to its weakest historical level of R13.84 to the dollar in December 2001. The South African rand, which is abbreviated ZAR, is the national currency of South Africa. Eswatini, Lesotho, and Namibia also peg their forex trading tutorials for beginners pdf currencies to the rand.

Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate. Coins were introduced in 1961 in denominations of 1⁄2, 1, 2+1⁄2, 5, 10, 20, and 50 cents. The 1⁄2 cent coin was last struck for circulation in 1973. The 1 rand coin for circulation was introduced in 1967, followed by 2 rand coins in 1989 and 5 rand coins in 1994.

This is to ensure that the interests of the economy precede those of any private individual. To maintain this policy, the governor and 14-member board head the bank’s activities and work toward monetary goals. As of Sept. 22, 2024, the exchange rate was R17.47 to $1. For example, it had cost approximately R2.55 to convert to one USD in 1990, and by 1999, the exchange rate was R6.14 to the USD.

Before the agreement, these countries had participated in an informal arrangement relying on the South African currency. Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master’s in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology.

All investment services are provided by the respective Wise Assets entity in your location. Wise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference , for the issuing of electronic money. To view rates between the South African Rand and the US Dollar for a particular year, click on one of the links below. Set an alert now, and we’ll tell you when it gets better.