Forex rate, also known as Foreign exchange rate, is the rate at which one currency will be exchanged for another currency. Forex rates are regarded as the value of one country’s currency in relation to another currency. For example, how many South African rands does it take to buy one US Dollar? As of 1 August 2020, the exchange rate is 17,07, meaning it takes R 17,07 to buy 1 USD. Forex rates don’t stay the same. Some days the rand is R16 against the American Dollar.
What Determines the Forex Rates?
Forex exchange rates are determined in the foreign exchange market. The market open 24 hours a day in different parts of the world, from 5 p.m. EST on Sunday until 4 p.m. EST on Friday. Currencies are traded 24 hours, 5 days a week except weekends. The spot exchange rate refers to the current exchange rate. The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. These are two most popular types of forex rates in South Africa. We also have other types of exchange rates and they are: Free Floating, Restricted Currencies, Currency Peg, Onshore, Offshore and Quotation exchange rates.
Example of How Exchange Rates Work
Steve is travelling to New York from his home in South Africa, Sandton. Steve wants to make sure that he has 10 000 rand’s of worth of US Dollars when he gets to America. He then visits the local currency exchange shop or use forex rates FNB or forex rates Standard Bank tool and notices that the Currency Exchange Rate 1 Rand = $0.05859 Dollar. Meaning that if he exchanges R10 000, he will get $585.86 in return.
The equitation is rand ÷ exchange rate = dollar
-or-
R10 000 ÷ 0.05859 = $585.86
This is how the forex rates work. So a forex rate today won’t be the same as tomorrow when someone decides to visit New York hoping to exchange 10 000 rand.
With the help of forex exchange rate tools, you can see how much it will cost you to buy a foreign currency.
How Exchange Rates Affect You
Using the same example above, if Steve is travelling to another country that uses a difference currency, he must plan for exchange rate values. When the South African rand is strong, you can buy more U.S. dollars so that you can have enough money when you visit America. If the rand is weak, it will cost you a lot of money to buy the U.S. dollar. You can’t buy as much foreign currency as you wished. This is one of the ways exchange rates affect you.
You can search on Google to find the exchange rate of the South African rand to foreign exchange for any given day. As mentioned above, you can use forex rates ABSA, forex rates Nedbank, forex rates FNB or forex rates Standard Bank tools to check the forex rates South Africa.
List Of Currency Codes in the World
| Country | Currency | Code |
| AFGHANISTAN | Afghani | AFN |
| ÅLAND ISLANDS | Euro | EUR |
| ALBANIA | Lek | ALL |
| ALGERIA | Algerian Dinar | DZD |
| AMERICAN SAMOA | US Dollar | USD |
| ANDORRA | Euro | EUR |
| ANGOLA | Kwanza | AOA |
| ANGUILLA | East Caribbean Dollar | XCD |
| ANTIGUA AND BARBUDA | East Caribbean Dollar | XCD |
| ARGENTINA | Argentine Peso | ARS |
| ARMENIA | Armenian Dram | AMD |
| ARUBA | Aruban Florin | AWG |
| AUSTRALIA | Australian Dollar | AUD |
| AUSTRIA | Euro | EUR |
| AZERBAIJAN | Azerbaijanian Manat | AZN |
| BAHAMAS (THE) | Bahamian Dollar | BSD |
| BAHRAIN | Bahraini Dinar | BHD |
| BANGLADESH | Taka | BDT |
| BARBADOS | Barbados Dollar | BBD |
| BELARUS | Belarussian Ruble | BYN |
| BELGIUM | Euro | EUR |
| BELIZE | Belize Dollar | BZD |
| BENIN | CFA Franc BCEAO | XOF |
| BERMUDA | Bermudian Dollar | BMD |
| BHUTAN | Ngultrum | BTN |
| BHUTAN | Indian Rupee | INR |
| BOLIVIA (PLURINATIONAL STATE OF) | Boliviano | BOB |
| BOLIVIA (PLURINATIONAL STATE OF) | Mvdol | BOV |
| BONAIRE, SINT EUSTATIUS AND SABA | US Dollar | USD |
| BOSNIA AND HERZEGOVINA | Convertible Mark | BAM |
| BOTSWANA | Pula | BWP |
| BOUVET ISLAND | Norwegian Krone | NOK |
| BRAZIL | Brazilian Real | BRL |
| BRITISH INDIAN OCEAN TERRITORY (THE) | US Dollar | USD |
| BRUNEI DARUSSALAM | Brunei Dollar | BND |
| BULGARIA | Bulgarian Lev | BGN |
| BURKINA FASO | CFA Franc BCEAO | XOF |
| BURUNDI | Burundi Franc | BIF |
| CABO VERDE | Cabo Verde Escudo | CVE |
| CAMBODIA | Riel | KHR |
| CAMEROON | CFA Franc BEAC | XAF |
| CANADA | Canadian Dollar | CAD |
| CAYMAN ISLANDS (THE) | Cayman Islands Dollar | KYD |
| CENTRAL AFRICAN REPUBLIC (THE) | CFA Franc BEAC | XAF |
| CHAD | CFA Franc BEAC | XAF |
| CHILE | Unidad de Fomento | CLF |
| CHILE | Chilean Peso | CLP |
| CHINA | Yuan Renminbi | CNY |
| CHRISTMAS ISLAND | Australian Dollar | AUD |
| COCOS (KEELING) ISLANDS (THE) | Australian Dollar | AUD |
| COLOMBIA | Colombian Peso | COP |
| COLOMBIA | Unidad de Valor Real | COU |
| COMOROS (THE) | Comoro Franc | KMF |
| CONGO (THE DEMOCRATIC REPUBLIC OF THE) | Congolese Franc | CDF |
| CONGO (THE) | CFA Franc BEAC | XAF |
| COOK ISLANDS (THE) | New Zealand Dollar | NZD |
| COSTA RICA | Costa Rican Colon | CRC |
| CÔTE D’IVOIRE | CFA Franc BCEAO | XOF |
| CROATIA | Kuna | HRK |
| CUBA | Peso Convertible | CUC |
| CUBA | Cuban Peso | CUP |
| CURAÇAO | Netherlands Antillean Guilder | ANG |
| CYPRUS | Euro | EUR |
| CZECH REPUBLIC (THE) | Czech Koruna | CZK |
| DENMARK | Danish Krone | DKK |
| DJIBOUTI | Djibouti Franc | DJF |
| DOMINICA | East Caribbean Dollar | XCD |
| DOMINICAN REPUBLIC (THE) | Dominican Peso | DOP |
| ECUADOR | US Dollar | USD |
| EGYPT | Egyptian Pound | EGP |
| EL SALVADOR | El Salvador Colon | SVC |
| EL SALVADOR | US Dollar | USD |
| EQUATORIAL GUINEA | CFA Franc BEAC | XAF |
| ERITREA | Nakfa | ERN |
| ESTONIA | Euro | EUR |
| ETHIOPIA | Ethiopian Birr | ETB |
| EUROPEAN UNION | Euro | EUR |
| FALKLAND ISLANDS (THE) [MALVINAS] | Falkland Islands Pound | FKP |
| FAROE ISLANDS (THE) | Danish Krone | DKK |
| FIJI | Fiji Dollar | FJD |
| FINLAND | Euro | EUR |
| FRANCE | Euro | EUR |
| FRENCH GUIANA | Euro | EUR |
| FRENCH POLYNESIA | CFP Franc | XPF |
| FRENCH SOUTHERN TERRITORIES (THE) | Euro | EUR |
| GABON | CFA Franc BEAC | XAF |
| GAMBIA (THE) | Dalasi | GMD |
| GEORGIA | Lari | GEL |
| GERMANY | Euro | EUR |
| GHANA | Ghana Cedi | GHS |
| GIBRALTAR | Gibraltar Pound | GIP |
| GREECE | Euro | EUR |
| GREENLAND | Danish Krone | DKK |
| GRENADA | East Caribbean Dollar | XCD |
| GUADELOUPE | Euro | EUR |
| GUAM | US Dollar | USD |
| GUATEMALA | Quetzal | GTQ |
| GUERNSEY | Pound Sterling | GBP |
| GUINEA | Guinea Franc | GNF |
| GUINEA-BISSAU | CFA Franc BCEAO | XOF |
| GUYANA | Guyana Dollar | GYD |
| HAITI | Gourde | HTG |
| HAITI | US Dollar | USD |
| HEARD ISLAND AND McDONALD ISLANDS | Australian Dollar | AUD |
| HOLY SEE (THE) | Euro | EUR |
| HONDURAS | Lempira | HNL |
| HONG KONG | Hong Kong Dollar | HKD |
| HUNGARY | Forint | HUF |
| ICELAND | Iceland Krona | ISK |
| INDIA | Indian Rupee | INR |
| INDONESIA | Rupiah | IDR |
| INTERNATIONAL MONETARY FUND (IMF) | SDR (Special Drawing Right) | XDR |
| IRAN (ISLAMIC REPUBLIC OF) | Iranian Rial | IRR |
| IRAQ | Iraqi Dinar | IQD |
| IRELAND | Euro | EUR |
| ISLE OF MAN | Pound Sterling | GBP |
| ISRAEL | New Israeli Sheqel | ILS |
| ITALY | Euro | EUR |
| JAMAICA | Jamaican Dollar | JMD |
| JAPAN | Yen | JPY |
| JERSEY | Pound Sterling | GBP |
| JORDAN | Jordanian Dinar | JOD |
| KAZAKHSTAN | Tenge | KZT |
| KENYA | Kenyan Shilling | KES |
| KIRIBATI | Australian Dollar | AUD |
| KOREA (THE DEMOCRATIC PEOPLE’S REPUBLIC OF) | North Korean Won | KPW |
| KOREA (THE REPUBLIC OF) | Won | KRW |
| KUWAIT | Kuwaiti Dinar | KWD |
| KYRGYZSTAN | Som | KGS |
| LAO PEOPLE’S DEMOCRATIC REPUBLIC (THE) | Kip | LAK |
| LATVIA | Euro | EUR |
| LEBANON | Lebanese Pound | LBP |
| LESOTHO | Loti | LSL |
| LESOTHO | Rand | ZAR |
| LIBERIA | Liberian Dollar | LRD |
| LIBYA | Libyan Dinar | LYD |
| LIECHTENSTEIN | Swiss Franc | CHF |
| LITHUANIA | Euro | EUR |
| LUXEMBOURG | Euro | EUR |
| MACAO | Pataca | MOP |
| MADAGASCAR | Malagasy Ariary | MGA |
| MALAWI | Kwacha | MWK |
| MALAYSIA | Malaysian Ringgit | MYR |
| MALDIVES | Rufiyaa | MVR |
| MALI | CFA Franc BCEAO | XOF |
| MALTA | Euro | EUR |
| MARSHALL ISLANDS (THE) | US Dollar | USD |
| MARTINIQUE | Euro | EUR |
| MAURITANIA | Ouguiya | MRU |
| MAURITIUS | Mauritius Rupee | MUR |
| MAYOTTE | Euro | EUR |
| MEMBER COUNTRIES OF THE AFRICAN DEVELOPMENT BANK GROUP | ADB Unit of Account | XUA |
| MEXICO | Mexican Peso | MXN |
| MEXICO | Mexican Unidad de Inversion (UDI) | MXV |
| MICRONESIA (FEDERATED STATES OF) | US Dollar | USD |
| MOLDOVA (THE REPUBLIC OF) | Moldovan Leu | MDL |
| MONACO | Euro | EUR |
| MONGOLIA | Tugrik | MNT |
| MONTENEGRO | Euro | EUR |
| MONTSERRAT | East Caribbean Dollar | XCD |
| MOROCCO | Moroccan Dirham | MAD |
| MOZAMBIQUE | Mozambique Metical | MZN |
| MYANMAR | Kyat | MMK |
| NAMIBIA | Namibia Dollar | NAD |
| NAMIBIA | Rand | ZAR |
| NAURU | Australian Dollar | AUD |
| NEPAL | Nepalese Rupee | NPR |
| NETHERLANDS (THE) | Euro | EUR |
| NEW CALEDONIA | CFP Franc | XPF |
| NEW ZEALAND | New Zealand Dollar | NZD |
| NICARAGUA | Cordoba Oro | NIO |
| NIGER (THE) | CFA Franc BCEAO | XOF |
| NIGERIA | Naira | NGN |
| NIUE | New Zealand Dollar | NZD |
| NORFOLK ISLAND | Australian Dollar | AUD |
| NORTHERN MARIANA ISLANDS (THE) | US Dollar | USD |
| NORWAY | Norwegian Krone | NOK |
| OMAN | Rial Omani | OMR |
| PAKISTAN | Pakistan Rupee | PKR |
| PALAU | US Dollar | USD |
| PALESTINE, STATE OF | No universal currency | |
| PANAMA | Balboa | PAB |
| PANAMA | US Dollar | USD |
| PAPUA NEW GUINEA | Kina | PGK |
| PARAGUAY | Guarani | PYG |
| PERU | Nuevo Sol | PEN |
| PHILIPPINES (THE) | Philippine Peso | PHP |
| PITCAIRN | New Zealand Dollar | NZD |
| POLAND | Zloty | PLN |
| PORTUGAL | Euro | EUR |
| PUERTO RICO | US Dollar | USD |
| QATAR | Qatari Rial | QAR |
| REPUBLIC OF NORTH MACEDONIA | Denar | MKD |
| RÉUNION | Euro | EUR |
| ROMANIA | Romanian Leu | RON |
| RUSSIAN FEDERATION (THE) | Russian Ruble | RUB |
| RWANDA | Rwanda Franc | RWF |
| SAINT BARTHÉLEMY | Euro | EUR |
| SAINT HELENA, ASCENSION AND TRISTAN DA CUNHA | Saint Helena Pound | SHP |
| SAINT KITTS AND NEVIS | East Caribbean Dollar | XCD |
| SAINT LUCIA | East Caribbean Dollar | XCD |
| SAINT MARTIN (FRENCH PART) | Euro | EUR |
| SAINT PIERRE AND MIQUELON | Euro | EUR |
| SAINT VINCENT AND THE GRENADINES | East Caribbean Dollar | XCD |
| SAMOA | Tala | WST |
| SAN MARINO | Euro | EUR |
| SAO TOME AND PRINCIPE | Dobra | STN |
| SAUDI ARABIA | Saudi Riyal | SAR |
| SENEGAL | CFA Franc BCEAO | XOF |
| SERBIA | Serbian Dinar | RSD |
| SEYCHELLES | Seychelles Rupee | SCR |
| SIERRA LEONE | Leone | SLL |
| SINGAPORE | Singapore Dollar | SGD |
| SINT MAARTEN (DUTCH PART) | Netherlands Antillean Guilder | ANG |
| SISTEMA UNITARIO DE COMPENSACION REGIONAL DE PAGOS “SUCRE” | Sucre | XSU |
| SLOVAKIA | Euro | EUR |
| SLOVENIA | Euro | EUR |
| SOLOMON ISLANDS | Solomon Islands Dollar | SBD |
| SOMALIA | Somali Shilling | SOS |
| SOUTH AFRICA | Rand | ZAR |
| SOUTH GEORGIA AND THE SOUTH SANDWICH ISLANDS | No universal currency | |
| SOUTH SUDAN | South Sudanese Pound | SSP |
| SPAIN | Euro | EUR |
| SRI LANKA | Sri Lanka Rupee | LKR |
| SUDAN (THE) | Sudanese Pound | SDG |
| SURINAME | Surinam Dollar | SRD |
| SVALBARD AND JAN MAYEN | Norwegian Krone | NOK |
| SWAZILAND | Lilangeni | SZL |
| SWEDEN | Swedish Krona | SEK |
| SWITZERLAND | WIR Euro | CHE |
| SWITZERLAND | Swiss Franc | CHF |
| SWITZERLAND | WIR Franc | CHW |
| SYRIAN ARAB REPUBLIC | Syrian Pound | SYP |
| TAIWAN (PROVINCE OF CHINA) | New Taiwan Dollar | TWD |
| TAJIKISTAN | Somoni | TJS |
| TANZANIA, UNITED REPUBLIC OF | Tanzanian Shilling | TZS |
| THAILAND | Baht | THB |
| TIMOR-LESTE | US Dollar | USD |
| TOGO | CFA Franc BCEAO | XOF |
| TOKELAU | New Zealand Dollar | NZD |
| TONGA | Pa’anga | TOP |
| TRINIDAD AND TOBAGO | Trinidad and Tobago Dollar | TTD |
| TUNISIA | Tunisian Dinar | TND |
| TURKEY | Turkish Lira | TRY |
| TURKMENISTAN | Turkmenistan New Manat | TMT |
| TURKS AND CAICOS ISLANDS (THE) | US Dollar | USD |
| TUVALU | Australian Dollar | AUD |
| UGANDA | Uganda Shilling | UGX |
| UKRAINE | Hryvnia | UAH |
| UNITED ARAB EMIRATES (THE) | UAE Dirham | AED |
| UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND (THE) | Pound Sterling | GBP |
| UNITED STATES MINOR OUTLYING ISLANDS (THE) | US Dollar | USD |
| UNITED STATES OF AMERICA (THE) | US Dollar | USD |
| UNITED STATES OF AMERICA (THE) | US Dollar (Next day) | USN |
| URUGUAY | Uruguay Peso en Unidades Indexadas (URUIURUI) | UYI |
| URUGUAY | Peso Uruguayo | UYU |
| UZBEKISTAN | Uzbekistan Sum | UZS |
| VANUATU | Vatu | VUV |
| VENEZUELA (BOLIVARIAN REPUBLIC OF) | Bolivar | VEF |
| VIET NAM | Dong | VND |
| VIRGIN ISLANDS (BRITISH) | US Dollar | USD |
| VIRGIN ISLANDS (U.S.) | US Dollar | USD |
| WALLIS AND FUTUNA | CFP Franc | XPF |
| WESTERN SAHARA | Moroccan Dirham | MAD |
| YEMEN | Yemeni Rial | YER |
| ZAMBIA | Zambian Kwacha | ZMW |
| ZIMBABWE | Zimbabwe Dollar | ZWL |