US Dollar to South African Rand exchange rate history 1980 to 2026: commodities and risk
One US Dollar bought 0.779 ZAR in 1980 and 16.393 ZAR in 2026. Commodities and risk. The series covers 47 years of annual data.
- 2026 avg
- 16.393
- year to date
- Highest avg
- 18.453
- 2023
- Lowest avg
- 0.779
- 1980
- Traded range
- 0.737 to 19.818
- low 1981, high 2025
Source: Federal Reserve H.10 (DEXSFUS). Latest daily observation 2026-10-30.
Annual averages of daily observations.
USD/ZAR in four numbers
- Change since 1980
- +2193.7%
- 46 complete years
- Change over 10 years
- +40.1%
- 2015 to 2025
- Average annual change
- +8.7%
- standard deviation 19 points
- Largest drawdown
- 53.0%
- 2001 to 2004
USD/ZAR annual average, 1980 to 2026
Annual average with the full trading range for each year. average high–low range
Source: Federal Reserve H.10 (DEXSFUS). Figures are annual averages of daily observations.
Five largest USD/ZAR moves
The largest absolute year-end changes in the published series, using complete calendar years only.
- 1984 +62.8% 1.222 to 1.990
Year-end rate moved from 1.222 to 1.990, a change of 62.8%.
- 2001 +58.5% 7.570 to 12.000
Year-end rate moved from 7.570 to 12.000, a change of 58.5%.
- 2008 +35.6% 6.859 to 9.300
Year-end rate moved from 6.859 to 9.300, a change of 35.6%.
- 2015 +34.0% 11.543 to 15.466
Year-end rate moved from 11.543 to 15.466, a change of 34.0%.
- 1985 +29.2% 1.990 to 2.571
Year-end rate moved from 1.990 to 2.571, a change of 29.2%.
USD to ZAR exchange rate by year
Every year since 1980: annual average, the year high and low, the year-end rate, and the change on the previous year.
| Year | Average | High | Low | Year end | Change |
|---|---|---|---|---|---|
| 1980 | 0.779 | 0.831 | 0.746 | 0.746 | n/a |
| 1981 | 0.879 | 0.995 | 0.737 | 0.958 | +28.5% |
| 1982 | 1.088 | 1.185 | 0.952 | 1.074 | +12.1% |
| 1983 | 1.115 | 1.227 | 1.061 | 1.223 | +13.8% |
| 1984 | 1.476 | 1.990 | 1.191 | 1.990 | +62.8% |
| 1985 | 2.234 | 2.907 | 1.852 | 2.571 | +29.2% |
| 1986 | 2.292 | 2.746 | 1.978 | 2.187 | -14.9% |
| 1987 | 2.039 | 2.165 | 1.874 | 1.931 | -11.7% |
| 1988 | 2.277 | 2.510 | 1.925 | 2.380 | +23.3% |
| 1989 | 2.624 | 2.850 | 2.360 | 2.533 | +6.4% |
| 1990 | 2.589 | 2.675 | 2.501 | 2.560 | +1.1% |
| 1991 | 2.763 | 2.918 | 2.511 | 2.749 | +7.4% |
| 1992 | 2.852 | 3.064 | 2.723 | 3.052 | +11.0% |
| 1993 | 3.272 | 3.458 | 3.055 | 3.401 | +11.4% |
| 1994 | 3.553 | 3.701 | 3.390 | 3.545 | +4.3% |
| 1995 | 3.628 | 3.702 | 3.526 | 3.646 | +2.9% |
| 1996 | 4.301 | 4.750 | 3.625 | 4.683 | +28.4% |
| 1997 | 4.607 | 4.898 | 4.395 | 4.866 | +3.9% |
| 1998 | 5.542 | 6.640 | 4.885 | 5.895 | +21.1% |
| 1999 | 6.119 | 6.270 | 5.678 | 6.160 | +4.5% |
| 2000 | 6.947 | 7.835 | 6.057 | 7.570 | +22.9% |
| 2001 | 8.609 | 13.600 | 7.503 | 12.000 | +58.5% |
| 2002 | 10.518 | 12.470 | 8.585 | 8.585 | -28.5% |
| 2003 | 7.555 | 9.045 | 6.260 | 6.700 | -22.0% |
| 2004 | 6.440 | 7.305 | 5.615 | 5.645 | -15.8% |
| 2005 | 6.361 | 6.915 | 5.643 | 6.330 | +12.1% |
| 2006 | 6.767 | 7.935 | 5.985 | 7.038 | +11.2% |
| 2007 | 7.048 | 7.499 | 6.445 | 6.860 | -2.5% |
| 2008 | 8.248 | 11.270 | 6.740 | 9.300 | +35.6% |
| 2009 | 8.412 | 10.643 | 7.258 | 7.361 | -20.9% |
| 2010 | 7.316 | 7.980 | 6.649 | 6.670 | -9.4% |
| 2011 | 7.251 | 8.554 | 6.573 | 8.075 | +21.1% |
| 2012 | 8.201 | 8.969 | 7.465 | 8.485 | +5.1% |
| 2013 | 9.644 | 10.493 | 8.493 | 10.485 | +23.6% |
| 2014 | 10.842 | 11.746 | 10.299 | 11.543 | +10.1% |
| 2015 | 12.765 | 15.751 | 11.271 | 15.466 | +34.0% |
| 2016 | 14.682 | 16.885 | 13.273 | 13.700 | -11.4% |
| 2017 | 13.294 | 14.493 | 12.300 | 12.375 | -9.7% |
| 2018 | 13.226 | 15.473 | 11.550 | 14.378 | +16.2% |
| 2019 | 14.448 | 15.415 | 13.285 | 13.973 | -2.8% |
| 2020 | 16.493 | 19.040 | 14.122 | 14.650 | +4.8% |
| 2021 | 14.775 | 16.225 | 13.450 | 15.930 | +8.7% |
| 2022 | 16.360 | 18.405 | 14.478 | 16.995 | +6.7% |
| 2023 | 18.453 | 19.779 | 16.820 | 18.262 | +7.5% |
| 2024 | 18.335 | 19.323 | 17.099 | 18.879 | +3.4% |
| 2025 | 17.878 | 19.818 | 16.550 | 16.550 | -12.3% |
| 2026 YTD | 16.393 | 17.147 | 15.817 | 16.706 | +0.9% |
1980–2026 · 46 complete calendar years. Annual figures are averages of available daily observations. 2026 is year to date: the average is based on 209 published trading days through 2026-10-30.
USD/ZAR by decade
Annual averages grouped into decade buckets. The first and last buckets may cover fewer than ten years.
| Period | Average | High | Low | vs previous |
|---|---|---|---|---|
| 1980–1989 | 1.680 | 2.907 | 0.737 | n/a |
| 1990–1999 | 3.923 | 6.640 | 2.501 | +133.5% |
| 2000–2009 | 7.690 | 13.600 | 5.615 | +96.1% |
| 2010–2019 | 11.167 | 16.885 | 6.573 | +45.2% |
| 2020–2026 | 16.955 | 19.818 | 13.450 | +51.8% |
Average of the annual averages in each period. The first and last rows cover partial decades.
USD/ZAR since 1980
US Dollar to South African Rand averaged 0.779 ZAR in 1980 and 17.878 ZAR in 2025, 2193.7% higher across 46 complete years.
The annual average has ranged from 0.779 in 1980 to 18.453 in 2023. On individual trading days the series reached 0.737 and 19.818, a ratio of 26.9 to 1.
The five largest USD/ZAR moves
Ranked by absolute year-end change, the five largest moves were 1984 (+62.8%), 2001 (+58.5%), 2008 (+35.6%), 2015 (+34.0%), 1985 (+29.2%). The biggest was 1984, when the rate moved from 1.222 to 1.990, a change of 62.8%.
Across 46 complete years the pair rose in 33 and fell in 12. The average annual change was +8.7% with a standard deviation of 19 percentage points, which is one way to compare its volatility with other pairs.
How wide is the USD/ZAR range?
The highest single observation in the series was 19.818 in 2025, and the lowest was 0.737 in 1981. That is a ratio of 26.9 to 1 between the two extremes.
Annual averages are narrower than single-day levels because they smooth the intra-year swings. Even so, the average has ranged from 0.779 to 18.453, a spread that matters for anyone converting at different points in the cycle.
USD/ZAR by decade
Grouped by decade, the annual average was 1.680 in 1980-1989 and 16.955 in 2020-2026. The widest decade-to-decade change was +133.5% between 1980-1989 and 1990-1999, when the average moved from 1.680 to 3.923.
The final bucket, 2020-2026, is a partial decade and includes the year-to-date 2026 average. The table below shows every bucket with its high and low, so the short-run moves and the long-run level can be read together.
Gold, platinum and the South African rand
USD/ZAR includes a commodity currency. The South African rand is a free-floating commodity currency and one of the most liquid emerging market currencies.
South Africa exports gold, platinum and other commodities, so the rand is sensitive to the commodity cycle. The link runs through the terms of trade: a higher export price raises national income and usually supports the exporter's currency, while a fall does the opposite. The rand is also a liquid emerging market currency, which means it moves with global risk appetite as well as with metal prices.
The data shows that sensitivity but not a mechanical rule. The average moved +2193.7% over 46 complete years, and the traded range ran from 0.737 in 1981 to 19.818 in 2025.
How to read the USD/ZAR data
The annual figures are averages of the daily observations in Federal Reserve H.10 (DEXSFUS). Highs and lows are the most extreme single observations in each calendar year, not intraday highs. No figure on this page is estimated or interpolated.
USD/ZAR history: the years that moved the rate
Each event below is dated and tied to one of the currencies in this pair.
- 2008 2008-09-15
Lehman Brothers files for bankruptcy
The collapse of Lehman Brothers triggered a global financial crisis, a flight into the US dollar and extreme volatility across currency markets.
- 2013 2013-05-22
Federal Reserve taper signal hits emerging market currencies
Signals that the Federal Reserve would slow asset purchases pushed US yields higher and weakened several emerging market currencies, including the Indian rupee, Brazilian real and South African rand.
- 2020 2020-03-15
Pandemic triggers a global dash for cash
The COVID-19 shock caused a worldwide sell-off and a surge in demand for US dollars, followed by large central bank intervention and emergency rate cuts.
- 2022 2022-03-16
Federal Reserve begins a rapid tightening cycle
The Federal Reserve raised rates for the first time since 2018 and continued with unusually large increases, driving a broad dollar rally during 2022.
USD/ZAR history: common questions
What was the USD/ZAR rate in 1980?
One USD averaged 0.779 ZAR in 1980, with a range of 0.746 to 0.831 and a year-end rate of 0.746.
What is the lowest USD/ZAR rate on record?
The lowest annual average was 0.779 in 1980. The lowest single observation was 0.737 in 1981.
What is the highest USD/ZAR rate on record?
The highest annual average was 18.453 in 2023. The highest single observation was 19.818 in 2025.
How volatile has USD/ZAR been?
Across 46 complete years the average annual change was +8.7% with a standard deviation of 19 percentage points. The largest drawdown was 53.0%, from 2001 to 2004.
What was the biggest single-year move in USD/ZAR?
1984 was the largest, at +62.8%. The year-end rate moved from 1.222 to 1.990.
How is the USD/ZAR rate calculated?
The annual figures are averages of daily observations in Federal Reserve H.10 (DEXSFUS). Highs and lows are the most extreme single observations in each calendar year.
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