South Africa is considered to be one of the fastest-developing countries in the world, pulling on its abundant supply of natural resources. The first forms of currency in South African were the rixdollar and stiver denominations, which were introduced in 1782. Up until the 1860s, South African notes were drawn by hand. Introduced in 1961, the South African Rand was named after a water ridge, Witswatersrand, near Johannesburg. Today, speculators and investors frequently get involved with the Rand because it is consistently undervalued by 15-20% with frequent fluctuation.
South African Rand Contract Specifications
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South African Rand Facts
South African Rand futures allow traders to assess value against the U.S. dollar, as well as the opportunity to address risk from currency fluctuations in other foreign trade markets.
The South African Reserve Bank is responsible for setting monetary policy as it pertains to its currency. Thus, they try to maintain price stability and low inflation in order to help sustain economic development and the overall value of the South African Rand.
Source: South African Reserve Bank
Last updated September 2015.