In March, the Pula depreciated against the yen (0.3 percent), euro (1.4 percent), US dollar (2.2 percent), and the British pound (2.6 percent), while it appreciated against the rand (0.8 percent). On an annual basis (twelve months to March 2012), the Pula depreciated against the yen (11.1 percent), US dollar (10.4 percent), pound (9.7percent) and the euro (4.9 percent), but appreciated against the rand (1.6 percent).