Omni Advisors, an international pension fund manager, uses the concepts of purchasing power parity $($PPP$)$ and the International Fisher Effect $($IFE$)$ to forecast spot exchange rates. Omni gathers the financial information as follows:

Base price level $100$

Current U$.$S$.$ price level $104$

Current South African price level $117$

Base ZAR$/$USD $0\mathrm{.}1750$

Current ZAR$/$USD $0\mathrm{.}1554$

Expected annual U$.$S$.$ inflation $3\mathrm{.}8\%$

Expected annual South African inflation $6\mathrm{.}3\%$

Expected U$.$S$.$ one$-$year interest rate $2\mathrm{.}1\%$

Expected South African one$-$year interest rate $5\mathrm{.}2\%$

Calculate the following ZAR$/$USD rate

The current rate that would have been forecast by PPP $($format X$.$XXXX$).$