Compared with the previous month, the rand (ZAR) had a generally mixed performance against most developed and emerging market currencies. The unweighted decrease in the rand against 12 currencies amounted to -1% m/m. Measured on a year ago, the unweighted average change in the value of the rand amounted to 6.8%.
The rand was most undervalued against the GBP (13.5%) during the three months ended January 2015, while it was overvalued against the yen (12.1%). Against the USD, the rand was undervalued to the tune of 10.4%, while it was fairly priced against the euro.