USD/ZAR refers to the US Dollar/ South African rand currency pair. The ZAR replaced the South African pound in 1961, and it remained pegged to the US dollar until apartheid ended and Nelson Mandela was elected Prime Minister of South Africa in 1994....
The ZAR is issued by South African Reserve Bank (SARB), the country’s central bank and primary gold custodian. The SARB is a unique monetary authority in that it is privately owned though the interests of the overall economy are protected by regulation that limits individual shareholders to owning no more than 1% of the outstanding shares. The price of ZAR is closely correlated to the price of gold, which is one of South Africa’s biggest exports. Alongside, iron ore and palladium, which it sells primarily to Europe, China, and the US. In 1967, Rand Refinery and the South African Mint started to mint coins called Krugerrands to help market South African gold internationally and enable individuals to own some of the safe-haven commodity. They were never given a rand value. Instead, their worth is determined by the current gold price at the time of trading. To date, Krugerrands are among the most widely globally traded gold coins. The 2008 financial crisis weakened the rand against dollar, however, many other nations in the region, like Lesotho and Eswatini (formerly Swaziland) still peg their currencies to the rand.
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The USD/ZAR has traded higher since last Wednesday and touched the 18.37610 mark on Friday before going into the weekend.
The USD/ZAR exchange rate is near the 18.08225 ratio as of this writing, this after a reversal higher upon opening following the weekend.
The USD/ZAR briefly touched the 18.11475 vicinity early today this after opening following the weekend break, but then reversed higher quickly.
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The gap lower has been delivered on the heels of South Africa announcing that coalition political parties have formally agreed to minister posts.
The US dollar has launched higher during the trading session on Thursday, as traders look likely to continue to pay close attention to the Federal Reserve monetary policy.
During the early hours on Tuesday, we have rallied a bit to show signs of life in the US dollar as we are testing the 18.25 South African Rand level.
As of this morning the USD/ZAR is near the 18.38275 realm with fast changes being displayed due to light volume and a banking holiday in South Africa
The USD/ZAR is trading around the 18.85400 ratio with a steady display of fluctuations early this morning.
The US dollar initially pulled back just a bit during the early hours on Wednesday to test the 18.50 level, only to turn around and show signs of life.
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As of this writing the USD/ZAR is near the 18.80050 ratio with sharp fluctuations streaming on to the trading screen.
The USD/ZAR as of this writing in near the 18.39000 level as of this writing.
The price of the USD/ZAR as of this morning is near 18.13250 with rapid fluctuations occurring.
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Sign up to get the latest market updates and free signals directly to your inbox.It was a very choppy trading session on Friday in the US dollar against the South African rand.
The US dollar bounced around during the trading session on Friday as it looks like we don’t really have any momentum to say the least.
The USD/ZAR is near the 18.41890 ratio as of this writing, but as the day begun the currency pair did touch a depth around the 18.35455 mark.