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The USD/ZAR spot figure concerns the trading relationship between the US dollar and the South African Rand.
The Rand takes its name from the WitwatersRand ("white waters' ridge" in English), the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found.
The Rand was introduced in the-then Union of South Africa on 14 February 1961, three months before the Republic of South Africa was established. A Decimal Coinage Commission had been set up in 1956 to consider a move away from the denominations of pounds, shillings, and pence, submitting its recommendation on 8 August 1958. It replaced the South African pound as legal tender, at the rate of 2 Rand to 1 pound, or 10 shillings to the Rand. The government introduced a mascot, Decimal Dan, "the Rand-cent man" (known in Afrikaans as Daan Desimaal). This was accompanied by a radio jingle, to inform the public about the new currency.
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