In May, the Pula depreciated against the yen (8.4 percent), US dollar (6.9 percent), British pound (2.1 percent) and the euro (0.5 percent), but appreciated against the rand (2.6 percent). On an annual basis (twelve months to May 2012), the Pula depreciated against the yen (18.8 percent), US dollar (16.1 percent), pound (10.5 percent) and the euro (2.7 percent), while it appreciated against the rand (3.6 percent).