NOK/ZAR: what to know
The NOK/ZAR rate shows how much ZAR you get for 1 NOK. Right now, 1 NOK buys 1.7324 ZAR at the mid-market rate. In the other direction, 1 ZAR is worth 0.5772 NOK.
In the short term NOK is driven mainly by oil and gas prices, while ZAR responds to commodity prices and risk appetite.
The Norwegian Krone (NOK) is issued by Norges Bank. “Krone” means “crown”. 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 NOK/ZAR rate has ranged between 1.6238 and 1.8072 — a change of -0.92% 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.