Compared with the previous month, the rand again weakened in March 2023 against nearly all of the major developed market and developing market currencies. The unweighted average change in the value of the rand amounted to -2%. Month-on-month, the rand depreciated most against the Indian rupee (-4.1%), US dollar (-3.7%); British pound (-3.5%) and euro (-3.1%). The rand was also weaker against the Chinese yuan (-2.5%), Swiss franc (-1.9%) and Canadian dollar (-1.9%). The rand was stable against the yen.
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