Their value is based entirely on their gold content and fluctuates with the price of gold. Up until the 1990s, the rand was illustrated with images of white Europeans from South Africa’s colonial past. Post-apartheid banknotes featured photos of the country’s treasured wildlife. In 2012, a banknote with an image of former President Nelson Mandela was issued as the first in a series. Whether you need to make cross-border payments or FX risk management solutions, we’ve got you covered. Schedule international transfers and manage foreign exchange risk across 130 currencies in 190+ countries.
Adam received his master’s in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.
Understanding the South African Rand (ZAR)
This table lists the live conversion rate of Zerebro (ZEREBRO) into United States Dollar (USD) for many of the most popular multiples. Wise is a Money Service Business registered with FinCen. In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider. The rand was one of the emerging market currencies that was hit hard by the 2008 financial crisis and the coronavirus pandemic.
Change Converter source currency
Set an alert now, and we’ll tell you when it gets better. And with our daily summaries, you’ll never miss out on the latest news. The krugerrand and the rand are both South African but they are not the same currencies.
We partner with leading data providers to bring you the latest and most accurate prices for all major currencies, cryptocurrencies and precious metals. When the rand How to buy cumrocket was introduced in 1961, its value was linked to the price of gold. After the end of apartheid, the rand’s value began to fluctuate more as South Africa’s economy became more closely tied to the global economy. Up until the early 1970s, the rand was worth around R1.5 per U.S. dollar (USD). However, over the ensuing decades, the rand exchange rate has depreciated, meaning it costs more rands to buy one U.S. dollar.
South African rand to US dollars
For example, it had cost approximately R2.55 to convert to one USD in 1990, and by 1999, the exchange rate was R6.14 to the USD. The South African rand (ZAR) was introduced in February 1961, just before the Republic of South Africa was established. The rand replaced the South African pound at a rate of 2 rand to 1 British pound. The 2005 series has the same principal design but with additional security features, such as colour-shifting ink on the 50 rand and gold trading online higher and the EURion constellation. The obverses of all denominations were printed in English, while two other official languages were printed on the reverse, thus using all 11 official languages of South Africa. In sterling terms, it fell from around 9.5% to just over 7%, losing some 25% of its international trade-weighted value in six months.
How to Convert South African Rands to US Dollars?
- First minted in 1967, krugerrands are gold coins that raise the profile of the South African gold trade in international markets and make it possible for individuals to own gold as an investment.
- By the late 1980s and early 1990s, the political landscape was changing.
- However, the period between 3-4 PM GMT is often a good time to convert South African Rands to US Dollars because currency market liquidity and trading volume tend to be the highest during this time.
- This includes intervention in the foreign currency markets when necessary.
- In 1986, following the substantial depreciation of the rand, the countries replaced the RMA with the Common Monetary Area (CMA) to manage monetary policy.
- As a trading center, multiple currencies circulated throughout South Africa.
The real-time conversion rate of Zerebro (ZEREBRO) to ZAR is $0.4672 for every 1 ZEREBRO. The table below shows the live rate to convert different amounts, such as 5 ZEREBRO into ZAR. The U.S. dollar is the currency most used in international transactions.
First minted in 1967, krugerrands are gold coins that raise the profile of the South African gold trade in international markets and make it possible for individuals to own gold as an investment. To this day they are among the most frequently traded gold coins in the world market. Our currency rankings show that the most popular South African Rand exchange rate is the ZAR to USD rate. The currency code for Rand is ZAR, and the currency symbol is R.
At the start of 2006, however, the currency resumed its rally and, as of 19 January 2006, was trading under R6 to the dollar again. However, the rand weakened significantly during the second and third quarters of 2006 (i.e., April through September). Gold is the country’s most atfx trading platform exported product, representing 14% of total exports in 2021 or $20.1 billion. South Africa exports other commodities, including palladium and iron ore, predominately to China, Europe, and the United States.However, major world developments have also determined ZAR’s price trajectory.