The Pula depreciated against the pound (5.6 percent), US dollar (5.4 percent), euro (3.3 percent) and the yen (2.1 percent) while appreciating against the rand (4.8 percent) in May. On an annual basis (twelve months to May 2016), the Pula depreciated against the pound (7.8 percent), dollar (11.7 percent), euro (13.2 percent) and the yen (20.8 percent) but appreciated against the rand (14.7 percent).