ZAR (South African Rand)

AAA

DEFINITION of 'ZAR (South African Rand)'

The currency abbreviation for the South African rand (ZAR), the currency for South Africa. The South African rand is made up of 100 cents and is often presented with the symbol R. The rand comes from the word "Witwatersrand" which means "white waters ridge". Johannesburg, the location of the majority of South Africa's gold deposits, is located on this ridge.

INVESTOPEDIA EXPLAINS 'ZAR (South African Rand)'

The South African rand was first introduced at the same time as the Republic of South Africa was established. The rand replaced the South African pound at a rate of 2 rand to 1 pound.

From introduction until 1982, the rand was actually more valuable than the U.S. dollar, after which political pressure and sanctions caused the currency to lose value.

RELATED TERMS
  1. Krugerrand Gold Coin

    A gold coin minted by the Republic of South Africa. Krugerrand ...
  2. Forex Futures

    An exchange-traded contract to buy or sell a specified amount ...
  3. Authorized Forex Dealer

    Any type of financial institution that has received authorization ...
  4. Currency

    A generally accepted form of money, including coins and paper ...
  5. Forex - FX

    The market in which currencies are traded. The forex market is ...
  6. Quote Currency

    The second currency quoted in a currency pair in forex. In a ...
Related Articles
  1. A Primer On The Forex Market
    Options & Futures

    A Primer On The Forex Market

  2. Top 8 Most Tradable Currencies
    Forex Education

    Top 8 Most Tradable Currencies

  3. Currency Exchange: Floating Rate Vs. ...
    Forex Education

    Currency Exchange: Floating Rate Vs. ...

  4. Forex Investing: How To Capture Commodity ...
    Forex Education

    Forex Investing: How To Capture Commodity ...

comments powered by Disqus
Hot Definitions
  1. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  2. Odious Debt

    Money borrowed by one country from another country and then misappropriated by national rulers. A nation's debt becomes odious ...
  3. Takeover

    A corporate action where an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the ...
  4. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by ...
  5. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  6. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
Trading Center