EURUSD 1.1737 USDJPY 112.00 USDCAD 1.2787 EURCZK 25.544 USDCZK 21.758 EURPLN 4.2294 USDPLN 3.6032
EURUSD 1.1737 USDJPY 112.00 USDCAD 1.2787 EURCZK 25.544 USDCZK 21.758 EURPLN 4.2294 USDPLN 3.6032

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South Africa is the most important gold and platinum producer in the world

Rule of thumb

Higher prices of gold and platinum are favourable for the rand, as it may increase the value of exports from the country, dragging down the USDZAR currency pair

 

On the other hand, lower commodity prices may result in the weakening of the South African currency

This is the currency pair showing the value of one US Dollar in terms of South African Rands. The South African Rand is a relatively recent currency. It  was introduced in 1961, replacing the South African pound, when independence of the country was obtained.

 

South Africa is a country very rich in natural resources, being one of the world’s leading producers of gold and platinum. Another very significant sector of the economy is agriculture, for which farming/agriculture accounts for around 8% of the total exports.

 

The main sectors of exported products are manufactured products and machinery/transportation equipment. South Africa has close trade links with the European Union, China and the United States.

 

The USDZAR market may react to economic events both in the United States and South Africa. As the South African economy  depends on the export of gold and platinum prices, the correlation between the commodities markets and the rand valuation may be observable. The Rand is also prone to the general sentiment of the international investors in respect to emerging markets.

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