In July, the Pula depreciated against the yen (3.8 percent), euro (3.8 percent), British pound (2.6 percent) and the US dollar (2.6 percent), while it appreciated against the rand (1.8 percent). On an annual basis (twelve months to August 2011), the Pula depreciated against the euro (10.3 percent), yen (6.5 percent), pound (3.0 percent) and the rand (1.7 percent) but appreciated against the US dollar (2.6 percent).