Euro / South African Rand - EUR/ZAR

In the wake of an historical depreciation of the South-African Rand (ZAR) against the US dollar, which lasted along the 80s and 90s and until December 2001, the South African currency nearly lost 100% of its value against the euro between February 2000 (EUR/ZAR = 6,1684) and December 2001 (EUR/ZAR = 12,1203).

The South African currency recovered ground against the US dollar (until 2004), and re-appreciated against the euro for 4 years (beyond the strong monthly volatility of the cross fluctuations) until the exchange value EUR/ZAR = 7,1910 reached on the Forex in February 2006.

The euro re-appreciated by 30% against the South African Rand in 2006. At the same time the US dollar accentuated a bullish movement against the South African currency.  

In October 2006, the exchange value of the EUR/ZAR cross was superior to EUR/ZAR = 10.

Then a stabilization was observed in 2007 (EUR/ZAR = 9,5080 in November 2007), and the fear, which was on the financial markets during the Fall 2007 (first economic an stock-exchange effects of the subprime crisis), made the euro appreciate again, until the value EUR/ZAR = 12,7671 observed in March 2008.

After a clear adjustment in favor of the South African Rand (EUR/ZAR = 11,1397 at the beginning of September 2008), the euro rise to the higher EUR/ZAR = 14,8724 observed on the Forex on October 23rd, 2008.

The exchange value was still high in March 2009 at EUR/ZAR = 13,3247, but a re-appreciation of the South African Rand was going on , and made the cross decreased all along 2009.

The gold exchange rate increase (exchange rates that are strongly linked with the external value of the South African Rand) may have a role in this evolution.

By mid-January 2010, the cross was worth EUR/ZAR = 10,7700.