The ZAR Exchange Rate Thread

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I recall the last time this happened Sasol was at the bottom of it.

Now with their share price falling I think they are behind this once again. They should be shot the bastards.

This increases their income due to the exports..... I fell a rat
 
and now R9.35 ...

What did it open at ? About R8.90 ... ?
 
MrG said:
R9.2755 now
Click to expand...

MrG - we're quoting different rates.

All my posts above quote the Rand Sell Rate (mid), ie the number of Rand it takes to buy a US dollar. Most media in SA quote the Rand Buy Rate -- how many Rand you get if you sell a US dollar and convert it to Rand.

Because I earn in Rand and buy things denominated in dollars, I want to see how many Rand it takes to get a dollar. South Africa has historically quoted rates the "wrong" way round because gold is priced in dollars but people want to now how many Rand that bought.

For most of us ordinary people, the Sell Rate is a far better indication -- it tells us the true Rand price of oil, air tickets, hotels, imported goods, technology, &c, &c which are mostly priced in US dollars. It tells us what our currency is worth elsewhere, rather than what foreign currency is worth in SA. For SA residents/earners, the former makes more sense.
 
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I use this site.
When sending money to SA this site always gives the most accurate rate when selecting inter-bank +1%

http://www.oanda.com/convert/classic
Wednesday, October 8, 2008

1 US Dollar = 8.937 South African Rand

1 South African Rand (ZAR) = 0.114 US Dollar (USD)

Interbank rate +/- 1%

This means:
You buy 1 US Dollar : 8.937 South African Rand
You sell 1 US Dollar : 8.743 South African Rand
You buy 1 South African Rand : 0.114 US Dollar
You sell 1 South African Rand : 0.112 US Dollar
 
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Well, at least after 5 years or so those US Dollars I bought are getting to worth a bit more. I thought I had bought a bloody dog and should have bought another currency.
 
Frankie said:
I use this site.
When sending money to SA this site always gives the most accurate rate when selecting inter-bank +1%

http://www.oanda.com/convert/classic
Wednesday, October 8, 2008

1 US Dollar = 8.937 South African Rand

1 South African Rand (ZAR) = 0.114 US Dollar (USD)

Interbank rate +/- 1%

This means:
You buy 1 US Dollar : 8.937 South African Rand
You sell 1 US Dollar : 8.743 South African Rand
You buy 1 South African Rand : 0.114 US Dollar
You sell 1 South African Rand : 0.112 US Dollar
Click to expand...

If you want to send money to SA, you should find the "Bank Buying T/Transfers" value for that bank. For ABSA, it is: http://www.absa.co.za/absacoza/cont...I_ID=98c5f67d5bcf1010VgnVCM100000ce17040aRCRD
(check out the first column).

Then you add the commission / fee charges for your foreign bank, plus the SA bank, and you know how much will arrive in SA. This differs for all banks, so you have to consult your bank. I don't know anything about the "Interbank rate +/- 1%" mentioned above.

So the exchange rate referred to pretty much means what you want to do with the money.
 
I guess R10/1$ by friday.....

crappy for imports, and going overseas...but the exporters and mines rubbing their hands with glee and delight.

Now just to find something we manufacture locally to sell overseas......sigh, do we have anything to sell?
 
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