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 US dollar has rallied rather significantly against the South African Rand during the early hours on Monday to reach towards the 18 Rand level.
The USD/ZAR currency pair is trading near the 17.92900 level as of this writing which is approaching values seen last Wednesday.
The USD/ZAR pair as of this writing is near the 17.84825 ratio with quick changes being displayed on the trading screen.
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As of this writing the USD/ZAR is near the 17.76670 ratio with fast results being exhibited.
The South African Rand has produced a robust bearish trajectory via the USD/ZAR pairing.
As of this writing the USD/ZAR exchange rate is near the 18.21500 ratio with healthy trading being demonstrated.
The US dollar has been bullish against the South African rand for the last couple of days, showing signs of life from an extremely oversold condition.
Nervous sentiment is making its way through the broad Forex market and USD centric questions are part of the equation.
In today's analysis of the US dollar against the South African Rand, it's obvious that we continue to hang around the 18.25 level.
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In my daily analysis of the dollar against the Rand, the first thing I notice is that the 18.25 South African Rand level is an area that a lot of traders seem to be paying attention to.
The currency pair sustained its bearish momentum into Friday and remained within lower price realms going into the weekend.
The USD/ZAR has traded higher since last Wednesday and touched the 18.37610 mark on Friday before going into the weekend.
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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.
The gap lower has been delivered on the heels of South Africa announcing that coalition political parties have formally agreed to minister posts.