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Zuma's surprise sacking of Nene damaged international confidence in the rand, and the exchange rate was volatile throughout much of January 2016 and reached an all-time low of R17.9169 to the US dollar on 9 January 2016 before rebounding to R16.57 later the same day.
In floating exchange rate regimes, exchange rates are determined in the foreign exchange market, [6] which is open to a wide range of different types of buyers and sellers, and where currency trading is continuous: 24 hours a day except weekends (i.e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday).
[1] [2] Although the South African rand is legal tender across the CMA, the other member states issue their own currencies exchanged at par with it: the Lesotho loti, Namibian dollar and Swazi lilangeni. Foreign exchange regulations and monetary policy throughout the CMA continue to reflect the influence of the South African Reserve Bank.
As mentioned previously, the quotation EUR/USD 1.2500 (or EURUSD 1.2500) means that one euro is exchanged for 1.2500 US dollars. If the quote changes from EUR/USD 1.2500 (or EURUSD 1.2500) to 1.2510, the euro has increased in relative value by 10 pips ( Percentage in point ), because either the dollar buying strength has weakened or the euro ...
Suppose the British Petroleum Company plans to issue five-year bonds worth £100 million at 7.5% interest, but actually needs an equivalent amount in dollars, US$150 million (current $/£ rate is $1.50 /£), to finance its new refining facility in the U.S.
For instance, the quotation EURUSD (EUR/USD) 1.5465 is the price of the Euro expressed in US dollars, meaning 1 euro = 1.5465 dollars. The market convention is to quote most exchange rates against the USD with the US dollar as the base currency (e.g. USDJPY, USDCAD, USDCHF).
Some other countries link their currency to U.S. dollar at a fixed exchange rate. The local currencies of Bermuda and the Bahamas can be freely exchanged at a 1:1 ratio for USD. Argentina used a fixed 1:1 exchange rate between the Argentine peso and the U.S. dollar from 1991 until 2002.
Bonds and were pegged against the U.S. dollar at a 1:1 fixed exchange rate and backed by the country's reserve. Since abandoning the Zimbabwean dollar in 2009 after it went into hyperinflation the country began using a number of foreign currencies including the U.S. dollar, South African rand, British pound and Chinese yuan as a means of ...