The Pula appreciated against the yen (2.5 percent) and the rand (1.0 percent) while depreciating against the US dollar (1.9 percent), pound (1.4 percent) and the euro (0.4 percent) in May. On an annual basis (twelve months to May 2015), the Pula appreciated against the euro (9.4 percent), yen (7.3 percent).and the rand (2.5 percent) but depreciated against the US dollar (12.1 percent) and pound (3.9 percent).