In July, the Pula depreciated against the yen (3.6 percent), British pound (1.4 percent) and the rand (0.4 percent), while it appreciated against the euro (1.5 percent) and remained unchanged against the US dollar. On an annual basis (twelve months to July 2011), the Pula depreciated against yen (6.1 percent), the euro (4.0 percent) and the rand (3.9 percent) but appreciated against the US dollar (4.7 percent) and pound (0.2 percent).