In July, the Pula appreciated against the euro (3.2 percent), US dollar (0.6 percent) and British pound (0.1 percent), while it depreciated against the rand (1.1 percent) and the Japanese yen (0.9 percent). On an annual basis (twelve months to July), the Pula depreciated against all trading currencies, except the rand, to which it appreciated by 2.8 percent. The Pula depreciated against the US dollar (15.0 percent), yen (14.2 percent), pound (11.7 percent) and the euro (1.1 percent).