After adjustments for these price differentials, the rand probably declined at a roughly estimated 3% in real terms over the same period. The weakness of the rand was largely related to developments outside the borders of South Africa. In particular, the exchange rate of the rand was seriously affected by the strength of the US dollar.
The general weakness of currencies against the US dollar is demonstrated by depreciations of almost 14% for the euro, 10% for pound sterling and 20% for the Australian dollar from the beginning of the year until the end of September 2000.