According to the latest Big Mac Index, the rand is undervalued by 25% - adjusted to GDP.
The Index is based on the theory of the purchasing power parity (PPP), the notion that in the long run exchange rates should move towards the rate that would equalise the prices of an identical basket of goods and services (in this case, a burger) in any two countries.
How was it created?
The Big Mac Index was introduced in The Economist in September 1986 as a semi-humorous illustration of PPP and has been published by that paper annually since then.
What is it?
The idex is an informal way of measuring the PPP between two currencies - comparison of currency value.
* This statistic shows the average working time in minutes required to buy one Big Mac in selected cities around the world in 2015. Sources: The Economist; Wikipedia