The 1978 series began with denominations of 2, 5, 10, and 20 rand, with a 50 rand introduced in 1984. This series had only one language variant for each denomination of note. Afrikaans was the first language on the 2, 10, and 50 rand, while English was the first on the 5 and 20 rand. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. The South African rand (ZAR) is the currency of South Africa and is issued by the South African Reserve Bank. The name is derived from the word ‘Witwatersrand’, which means ‘ridge of white waters’.
What is the highest price of ZEREBRO/ZAR in history?
In late 2007, the rand rallied modestly to just over 8%, only to experience a precipitous slide during the first quarter of 2008. The controversial land reform programme that was initiated in Zimbabwe, followed by the September 11, 2001 attacks, propelled it to its weakest historical level of R13.84 to the dollar in December 2001. The South African rand, which is abbreviated ZAR, is the national currency of South Africa. Eswatini, Lesotho, and Namibia also peg their currencies to the rand. Three countries that peg their currency How to buy crypto with apple pay with the rand are Eswatini, Lesotho, and Namibia.
During British occupation, in 1826, the Cape Colony was put on a sterling basis, though other currencies, including Spanish Dollars, US Dollars, French Francs, and Indian Rupees continued to circulate. understanding technical analysis In 1921, the Reserve Bank of South Africa was established as the central bank. In 1961, the South African Rand replaced the Pound under a decimalized system.
Brief exchange rate history
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. Additionally, it’s advisable to convert South African Rands to US Dollars early in the week if you need USD urgently. Executing a trade late in the week might result in a delayed settlement until the following week, as forex markets are closed on weekends. Its symbol is simply ‘R’, and its currency code is ZAR, from the Dutch ‘zuid-afrikaanse rand’, or South African rand.
Exchange-rates.org has been a leading provider of currency, cryptocurrency and precious metal prices for nearly 20 years. Our information is trusted by millions of users across atfx trading platform the globe each month . We have been featured in some of the most prestigious financial publications in the world including Business Insider, Investopedia, Washington Post, and CoinDesk. You’ll now see the value of the converted currency according to the most recent exchange rate.
- Modeled on the Bank of England (BoE), the South African Reserve Bank (SARB) is the monetary authority for South Africa and issues its currency.
- The table below shows the live rate to convert different amounts, such as 5 ZEREBRO into ZAR.
- In 1961, the South African Rand replaced the Pound under a decimalized system.
- Afrikaans was the first language on the 2, 10, and 50 rand, while English was the first on the 5 and 20 rand.
Top currency pairings for US dollar
By the early 1980s, high inflation and mounting political pressure combined with sanctions placed against the country due to international opposition to the apartheid system had started to erode its value. The currency broke above parity with the dollar for the first time in March 1982. It continued to trade between R1 and R1.30 to the dollar until June 1984, when the currency’s depreciation gained momentum. By February 1985, it was trading at over R2 per dollar, and in July of that year, all foreign exchange trading was suspended for three days to try to stop the depreciation. Beware of bad exchange rates.Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate. Our smart tech means we’re more efficient – which means you get a great rate.
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Below, you’ll find South African Rand rates and a currency converter. Banks often advertise free or low-cost transfers, but add a hidden markup to the exchange rate. Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers. Rand coins are issued in denominations of 1, 2, 5, 10, 20, and 50 cents. Banknotes are issued in denominations of 10, 20, 50, 100, and 200 rands.
