Compared with the previous month, the rand (ZAR) had a mixed performance against most developed and emerging market currencies in May. The unweighted decrease in the rand against 12 currencies amounted to –0.4% m/m. Measured on a year ago, the unweighted average change in the value of the rand amounted to +2.6%. On a month-on-month basis, the rand gained most against the New Zealand dollar (3.8% m/m), and lost most against the Chinese yuan (-2.8% m/m).
The rand was most undervalued against the GBP (14%) during the three months ended April 2015, while it was overvalued against the yen (10.4%). Against the USD, the rand was undervalued to the tune of 13.5%, while it was overvalued against the euro (5.7%).