In May, the Pula depreciated against the yen (3.4 percent), US dollar (3.3 percent), pound (2.7 percent and the euro (0.3 percent) while it appreciated against the rand (1.0 percent), On an annual basis (twelve months to May 2011) the Pula depreciated against the euro (8.5 percent), pound (6.2 percent), yen (4.8 percent) and the rand (3.0 percent) while it appreciated against the US dollar (7.0 percent).