USD/ZAR: what to know
The USD/ZAR rate shows how much ZAR you get for 1 USD. Right now, 1 USD buys 15.9777 ZAR at the mid-market rate. In the other direction, 1 ZAR is worth 0.0626 USD.
In the short term USD is driven mainly by Fed policy, US growth and global risk appetite, while ZAR responds to commodity prices and risk appetite.
The US Dollar (USD) is issued by Federal Reserve (Fed). Most of the world’s central-bank reserves are held in US dollars. 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 USD/ZAR rate has ranged between 15.6738 and 17.6661 — a change of -9.46% 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.