The Pula depreciated against the US dollar (3.6 percent) and the yen (2.9 percent) while appreciating against the rand (1.7 percent), pound (0.7 percent) and the euro (0.3 percent) in March. On an annual basis (twelve months to March 2015), the Pula appreciated against the euro (12.4 percent), yen (3.0 percent) and the rand (1.4 percent) while depreciating against the US dollar (11.8 percent) and the pound (0.7 percent).