Compared with the previous month, the rand (ZAR) strengthened against most major developed and emerging market currencies in November 2014. The unweighted increase in the rand against 12 currencies amounted to 2.6% m/m. Measured on a year ago, the unweighted average change in the value of the rand amounted to 0.7%.
The rand was most undervalued against the GBP (around 19%) during the three months ended October 2014, while it was overvalued against the yen (5.5%).
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