Using consumer price differentials of the past 10 years regressed on the crosses between the ZAR and other major currencies, reveal that the rand was now slightly overvalued against the EUR (0.4%), CHF (0.4%) and GBP (1.7%). However, the ZAR remained undervalued against the USD (-12.5%) and YEN (-10.3%) during the three months ended September 2016.
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