ZAR/MXN: what to know
The ZAR/MXN rate shows how much MXN you get for 1 ZAR. Right now, 1 ZAR buys 1.0539 MXN at the mid-market rate. In the other direction, 1 MXN is worth 0.9488 ZAR.
In the short term ZAR is driven mainly by commodity prices and risk appetite, while MXN responds to the US economy and capital flows.
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 Mexican Peso (MXN) is issued by Bank of Mexico. The Spanish-colonial peso and its “$” sign influenced the US dollar symbol.
Over the past 12 months the ZAR/MXN rate has ranged between 1.0389 and 1.0952 — a change of -1.39% 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.