What is the United States Dollar?
The US Dollar is the official currency of the United States of America. It is the most popular currency in the world and is commonly used in the Forex market. It is a dominant global reserve currency and being held by every single central bank. The dollar is used as the standard currency for the commodities, therefore Gold, Oil, Silver, and others are mainly calculated to USD.
The US Dollar is issued by the central bank of the USA that is called the Federal Reserve Bank (referred to as “The Fed”). Commonly used names for this currency include the buck, green, greenback, dough, smacker, and dead presidents.
Denominations, abbreviations, and valuations of the US Dollar
The United States dollar sign is $. Its code is USD, also abbreviated US$ and marked as the dollar, American dollar, or U.S. dollar. One dollar is equal to 100 cents (Symbol: ¢).
Learn trading strategies to trade USD/ZAR
What is Rand?
The rand is a legal tender in the monetary area among South Africa, Namibia, Eswatini, and Lesotho. It is issued by the South African Reserve Bank. The rand got its official name from the Witwatersrand (in English it is named “white waters’ ridge”). It is the ridge upon which Johannesburg (South Africa) is built and where most of South Africa’s gold deposits are mined.
Denominations, abbreviations, and valuations of the Rand
The abbreviation for Rand is usually upper case “R”. Though the name is written “rand” in lower case in both English and Afrikaans. The rand is equal to 100 cents (sign: “c”). Its ISO code is ZAR (Zuid-Afrikaanse rand or South African rand). The majority of currency rankings show that the most often used South Africa Rand exchange rate is the USD to ZAR. USD to Rand is also considered as Exotic pair for the majority of forex brokers. Rand dollar exchange is not available there though it’s mainly used for open of margin positions.
Dollar to Rand prediction
Being opposed to the world reserve currency (US Dollar), Rand is constantly getting lower. The long-term trend of the USD/ZAR currency is upwards so the USD is getting stronger and the ZAR is weakening. For the last 10 years, it has more than doubled, growing from 6 Rands per 1 USD to 14.
How to calculate Rand to Dollar?
To do it you should invert the rate of Dollar to Rand with a formula 1/USDZAR, i.e. 1/14.67 = 0,0681 (rate for Dec 17, 2020).