Over the past 12 months, the rand has lost roughly 21 per cent against the greenback, 20 per cent against the euro, and a staggering 44 per cent against the Japanese yen. However, we cannot restrict ourselves to comparisons with movements against advanced-economy currencies.
Take, for example, the JP Morgan Emerging Market Currency Index (or EMCI), which comprises most major emerging-market currencies, including those of all the BRICS member countries. Between January and October last year, the rand moved very much in line with this basket of currencies.