These currencies were highly sensitive to the so-called “risk-on” and “risk-off” scenarios, particularly relating to risk perceptions of  2  BIS central bankers’ speeches  the Eurozone. This co-movement in effect indicated that the underlying movements of the rand were determined to a large degree by external rather than internal factors. Since April 2012, however, domestic factors have come more to the fore.
The rand has decoupled from its emerging market counterparts and has depreciated by about 15 per cent against the US dollar and by a similar amount against the Mexican peso.