ZAR/NZD: what to know
The ZAR/NZD rate shows how much NZD you get for 1 ZAR. Right now, 1 ZAR buys 0.1068 NZD at the mid-market rate. In the other direction, 1 NZD is worth 9.3640 ZAR.
In the short term ZAR is driven mainly by commodity prices and risk appetite, while NZD responds to soft-commodity prices and 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 New Zealand Dollar (NZD) is issued by Reserve Bank of New Zealand. The New Zealand dollar is nicknamed the “Kiwi”, after the bird on the $1 coin.
Over the past 12 months the ZAR/NZD rate has ranged between 0.0961 and 0.1083 — a change of +9.84% 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.