Compared with the previous month, the rand (ZAR) weakened against most developed and emerging market currencies. The unweighted decrease in the rand against 12 currencies amounted to –2.1% m/m. Measured on a year ago, the unweighted average change in the value of the rand amounted to 3.4%.
The rand was most undervalued against the GBP (14%) during the three months ended February 2015, while it was overvalued against the yen (10.4%). Against the USD, the rand was undervalued to the tune of 11.3%, while it was slightly overvalued against the euro (2.4%).
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