Convert USD to ZAR
Trade has a very important role to play in determining the value of both the US dollar and the South African Rand. Whenever exports out of the US or South Africa increase, it strengthens the USD or the ZAR respectively as it gives a boost to the respective country's economy. Meanwhile, when key trade partners of the US or South Africa have poor economic performance, trade gets affected and weakens the currencies.
Even though the US dollar is one of the most stable currencies in the world, both the USD and the ZAR are impacted by political developments within the US and South Africa. When a business-friendly government comes to power, traders take it as a positive sign for the economy and the currency trades bullish. On the other hand, governments that hike corporate taxes or release policies that hamper business confidence typically weaken the currencies.
USD/ZAR touched a low of 16.166 on 17 September 2020. This has been the weakest level this currency pair has touched so far this year.