Consider the USDZAR spot exchange rate denoted by $x($:$t$:$),$ Le$.$ the Rand price of US Dollars, or equivalently.

the amount of Rands required to purchase one US Dollar at time $t+2$ bd$.$ Your perspective is the natural one,

where ZAR is the domestic and USD is the foreign currency. At the current time $i_0$ assume the existence of

NACC domestic and foreign nominal swap zero curves, denoted by $r_d(t_0,T)$ and $r_r(t_0,T),$ respectively, along

with the NACC ZAR basis zero curve, denoted by $T_a(t_0,T).$

On $12$ Mary $2014$ the USDZAR spot exchange rate is $121706,$ and the following NACC zero curves prevail:

$($ii$)$ What is the difference between the ZAR swap curve and ZAR basis curve?

$[$iii$)$ Compute the forward points for USDZAR FECs with the following expiries: $\frac{O}{N},\frac{T}{N},\frac{S}{N},\frac{S}{W}$ and $1M.$

$($Use linear interpolation on the zero rates where necessary.$)$