Compared with the previous month, the rand (ZAR) generally strengthened against most developed and emerging market currencies. The unweighted increase in the rand against 12 currencies amounted to 2.2% m/m. Measured on a year ago, the unweighted average change in the value of the rand amounted to 11.2%.
The rand was most undervalued against the GBP (14.3%) during the three months ended December 2014, while it was overvalued against the yen (12.6%).
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