FX & Commodity Almanac

Currency pair · cross of two ECB reference rates

What is the USD/ZAR reference rate and how has it moved?

The USD/ZAR reference rate was 16.4338 on 16 Oct 2026: one USD was worth 16.4338 ZAR. That is 5.1% below a year earlier and 42% of the way up its 52-week range. Annualised volatility over the year was 11.2%.

USD/ZAR · 16 Oct 2026
16.4338Previous fixing 16.5568 (15 Oct 2026) · ▼ −0.74%
12-month change
▼ −5.1%from 17.3168 on 16 Oct 2025
52-week range
15.6738–17.4698low 29 Jan 2026 · high 4 Nov 2025
Volatility, 1 yr
11.2%annualised; full-year average since 2016: 14.9%

The past twelve months

USD/ZAR daily ECB reference rate, past 12 monthsDaily USD/ZAR from 16 Oct 2025 (17.3168) to 16 Oct 2026 (16.4338); 52-week high 17.4698 on 4 Nov 2025, low 15.6738 on 29 Jan 2026. 15.516.016.517.017.5 NovJanMarMayJulSept
Daily ECB reference fixings, 16 Oct 2025 – 16 Oct 2026 (255 fixings). Yellow dot: latest.

What the record shows

  1. Over the past year USD/ZAR has been calmer than usual: 11.2% annualised volatility against a 14.9% average for full calendar years since 2016. Its calmest full year was 2025 (10.4%) and its busiest 2016 (20.8%).
  2. Since 4 Jan 2016 the rate has ranged from 11.5651 (23 Feb 2018) to 19.7840 (31 May 2023). Today's fixing is higher than 59% of the 2,763 daily fixings in that period.
  3. Five years ago, on 15 Oct 2021, the fixing was 14.6961, so the rate is 11.8% above that level. Over one month it is ▲ +1.02% (from 16.2680 on 16 Sept 2026).
  4. The largest single-day move of the past year was on 8 Apr 2026: 16.8895 → 16.3104 (▼ −3.43%).
  5. Read the other way round, 1 ZAR was worth 0.06085 USD on 16 Oct 2026 (ZAR/USD).

How is the USD/ZAR figure on this page produced?

The ECB does not publish USD/ZAR; it publishes each currency against the euro. The cross is the ratio of the two: ZAR per euro ÷ USD per euro = 18.4930 ÷ 1.12530 = 16.4338 on 16 Oct 2026. Because both legs are fixed at the same moment, the cross is internally consistent, but it can differ slightly from a market quote at 14:10 CET. See how to calculate a cross rate.

Year by year

USD/ZAR yearly close, change, high, low, average and volatility
YearCloseChangeHighLowAverageVol.
2026 to date 16.4338 ▼ −0.7% 17.1906 27 Mar 15.6738 29 Jan 16.3778 10.6%
2025 16.5480 ▼ −12.4% 19.7162 9 Apr 16.5480 31 Dec 17.8782 10.4%
2024 18.8842 ▲ +2.6% 19.3060 29 Feb 17.1260 27 Sept 18.3229 11.3%
2023 18.4142 ▲ +8.5% 19.7840 31 May 16.8270 4 Jan 18.4577 14.4%
2022 16.9685 ▲ +6.4% 18.5016 21 Oct 14.4855 13 Apr 16.3860 16.2%
2021 15.9478 ▲ +8.6% 16.1856 29 Nov 13.4783 7 Jun 14.7863 14.6%
2020 14.6866 ▲ +4.6% 19.0709 23 Apr 14.0709 2 Jan 16.4450 16.7%
2019 14.0442 ▼ −2.3% 15.3800 12 Aug 13.2678 31 Jan 14.4535 12.8%
2018 14.3750 ▲ +16.4% 15.5332 5 Sept 11.5651 23 Feb 13.2549 16.8%
2017 12.3450 ▼ −10.0% 14.5580 13 Nov 12.3450 28 Dec 13.3196 15.1%
2016 13.7150 — 16.7905 18 Jan 13.2381 16 Aug 14.6923 20.8%

Change = last fixing of the year against the last fixing of the previous year (2016 has no prior close in this record). Vol. = annualised standard deviation of daily log changes within the year. 2026 runs to 16 Oct 2026.

Since January 2016

USD/ZAR ECB reference rate since January 2016USD/ZAR from 15.5586 on 4 Jan 2016 to 16.4338 on 16 Oct 2026; highest 19.7840 on 31 May 2023, lowest 11.5651 on 23 Feb 2018. 101214161820 201620182020202220242026
ECB reference fixings, thinned to about every fifth fixing for drawing; the tables use every fixing.

Largest one-day moves since 2016

DateFromToMove
17 Mar 201616.212515.3955▼ −5.04%
24 Aug 201613.475014.1445▲ +4.97%
1 Dec 202216.939917.7342▲ +4.69%
24 Jun 201614.457015.1200▲ +4.59%
6 Jun 201615.579914.9850▼ −3.82%

Moves are measured between consecutive ECB fixings, so a move after a holiday can span more than one calendar day.

Sources