ZAR/EUR: what to know
The ZAR/EUR rate shows how much EUR you get for 1 ZAR. Right now, 1 ZAR buys 0.0538 EUR at the mid-market rate. In the other direction, 1 EUR is worth 18.5712 ZAR.
In the short term ZAR is driven mainly by commodity prices and risk appetite, while EUR responds to ECB policy and eurozone growth.
The South African Rand (ZAR) is issued by South African Reserve Bank. The rand is named after the Witwatersrand ridge, where gold was discovered. The Euro (EUR) is issued by European Central Bank (ECB). The euro is the world’s second most-traded currency, after the US dollar.
Over the past 12 months the ZAR/EUR rate has ranged between 0.0484 and 0.0541 — a change of +11.10% 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.