South African Rand
a.k.a. ZAR, Rand
South Africa's currency, one of the most traded emerging-market currencies and famously volatile.
The South African rand (ZAR) is South Africa's money, named after the Witwatersrand ridge where much of the country's gold was found. It is one of the most liquid emerging-market currencies, and USD/ZAR trades around the clock.
The rand is a high-beta currency: it swings hard with global risk sentiment, metal prices and local politics, including electricity shortages and debates over state finances. It has also been a popular carry trade currency thanks to relatively high South African interest rates.
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