Compared with the previous month, the rand (ZAR) had a mixed performance against most developed and emerging market currencies. The unweighted decrease in the rand against 12 currencies amounted to –0.5% m/m. Measured on a year ago, the unweighted average change in the value of the rand amounted to +2.4%. On a month-on-month basis, the rand gained most against the Indian rupee (4.9% m/m), and lost most against the Russian rouble (-8.7% m/m).
The rand was most undervalued against the GBP (13.4%) during the three months ended March 2015, while it was overvalued against the yen (9.6%). Against the USD, the rand was undervalued to the tune of 12.4%, while it was overvalued against the euro (5.2%).