Forex pound vs dollar - Foreign Currency Exchange in South Africa | Travelex
The South African rand is made up of cents and is often presented with the symbol R. The rand comes forex pound vs dollar the word "Witwatersrand" poound means "white waters ridge".
Johannesburg, the location of the majority of South Africa's gold deposits, is located on this ridge.
The South African rand was first introduced in Februaryjust before the Republic of South Africa was established. The rand replaced the South African pound at a rate of 2 rand to 1 pound.
Up until the early s, the rand was worth around R1. However, over the ensuing decades the rand has depreciated at a rapid rate, with substantial moves at the turn of the 21st binary options daily predictions, and during the Great Recession. As the political landscape changed forex pound vs dollar the early s, the uncertainty saw the rand slowly depreciate to record low levels.
The fall was exasperated when in the land reforms ensign energy stock options to kick off.
Soon after, the September 11 attacks saw global uncertainty hit and the rand take another steep dive, falling to R13 per U. After steadying through the early parts of the century, the rand was forex pound vs dollar of many emerging market currencies that plummeted during the financial crisis.
As investors flocked to safe haven currencies such as the U. In the span of months the rand fell by nearly 50 percent against the U.
Today, the rand is somewhat correlated with gold prices as the South African economy is reliant on its gold exports. However, as a fragile economy and unstable political landscape the rand is at the mercy of global uncertainty.
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