MXN/ZAR: what to know
The MXN/ZAR rate shows how much ZAR you get for 1 MXN. Right now, 1 MXN buys 0.9488 ZAR at the mid-market rate. In the other direction, 1 ZAR is worth 1.0539 MXN.
In the short term MXN is driven mainly by the US economy and capital flows, while ZAR responds to commodity prices and risk appetite.
The Mexican Peso (MXN) is issued by Bank of Mexico. The Spanish-colonial peso and its “$” sign influenced the US dollar symbol. The South African Rand (ZAR) is issued by South African Reserve Bank. The rand is named after the Witwatersrand ridge, where gold was discovered.
Over the past 12 months the MXN/ZAR rate has ranged between 0.9131 and 0.9626 — a change of +1.41% versus a year ago.
Use this mid-market figure as your benchmark: compare it with the rate your bank or broker quotes, and the difference is the margin you would pay.