As contained in the 2010 MTBPS, the rand has appreciated by 7.5 per cent against the United States (US) dollar since December 2009, and by 6.1 per cent against a trade-weighted basket of currencies. Because South Africa has higher inflation than its major trading partners, the real effective rand exchange rate, which reflects losses or gains in competitiveness, is now approximately 12 per cent above its average level for the past decade.