Wednesday, February 21, 2024

Pula slightly edges ahead of Rand in modest year’s start

The local currency, the Pula, displayed a nuanced pattern of exchange rate movements over the one-month period ending January 2024. Notably, the Pula saw a modest uptick of 0.1 percent against the South African rand, while concurrently experiencing a 0.4 percent depreciation against the IMF Special Drawing Rights (SDR). Against major currencies, it witnessed a 1.6 percent depreciation against the US dollar, a 0.9 percent dip against the British pound, and a marginal 0.2 percent slide against the Chinese renminbi. On a positive note, the Pula demonstrated resilience with a significant 3 percent appreciation against the Japanese yen and a marginal 0.7 percent gain against the euro.

Zooming out to a twelve-month perspective ending in January 2024, the nominal Pula exchange rate revealed a 1.9 percent appreciation against the South African rand but also faced a 4.2 percent depreciation against the SDR. Against the SDR’s constituent currencies, the Pula experienced setbacks with an 8.1 percent depreciation against the British pound, 5.7 percent against the US dollar, and 5.5 percent against the euro. In contrast, it showcased strength with a robust 7 percent appreciation against the Japanese yen and a modest 0.4 percent gain against the Chinese renminbi.

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