Since the beginning of this year to the end of March, the Rand depreciated by about 5,0 per cent against the US dollar, and traded in a wide band between R11,54 and R12,52.
This weakening of the rand against the US dollar has, however, not resulted in depreciation on a trade-weighted basis as a result of it having appreciated against the euro by 7,3 per cent since January 2015.