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 103 Current South African price level 117 Base ZAR/USD 0.1750 Current ZAR/USD 0.1549 Expected annual U.S. inflation 3.9% Expected annual South African inflation 6.1% Expected U.S. one-year interest rate 2.3% Expected South African one-year interest rate 4.4% Calculate the following ZAR/USD rate The current rate that would have been forecast by PPP (format X.XXXX).