South Africa :: Currency and Value
The South African unit of currency is the Rand, divided into 100 cents.
According to the widely quoted Economist Big Mac Index, which plots the cost of the ubiquitous hamburger across the world compared with the base US cost, in world terms the Rand is undervalued about 20%.
Exchange rates vary of course, but in April 2005 the Rand was valued -
| 1 US Dollar $
1 Euro € 1 Pound £ 1 Yen ¥ |
6.20 Rand
8.00 Rand 11.60 Rand 0.06 Rand |
The value of the Rand against the Dollar strengthened from 1$ = 8R in 2003, to 1$ = 6.5R in 2004, further strengthening that level into 2005.