ZAR/KRW: what to know
The ZAR/KRW rate shows how much KRW you get for 1 ZAR. Right now, 1 ZAR buys 83.3157 KRW at the mid-market rate. In the other direction, 1 KRW is worth 0.0120 ZAR.
In the short term ZAR is driven mainly by commodity prices and risk appetite, while KRW responds to tech exports and global risk appetite.
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 South Korean Won (KRW) is issued by Bank of Korea. “Won” shares a root with yen and yuan, meaning “round”.
Over the past 12 months the ZAR/KRW rate has ranged between 79.2910 and 94.9206 — a change of +3.92% 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.