ZAR/USD: what to know
The ZAR/USD rate shows how much USD you get for 1 ZAR. Right now, 1 ZAR buys 0.0625 USD at the mid-market rate. In the other direction, 1 USD is worth 16.0005 ZAR.
In the short term ZAR is driven mainly by commodity prices and risk appetite, while USD responds to Fed policy, US growth 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 US Dollar (USD) is issued by Federal Reserve (Fed). Most of the world’s central-bank reserves are held in US dollars.
Over the past 12 months the ZAR/USD rate has ranged between 0.0566 and 0.0638 — a change of +10.45% 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.