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

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

where ZAR is the domestic and USD is the foreign currency. At the current time $t_0,$ assume the existence of

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

with the NACC ZAR basis zero curve, denoted by $\frac{?}{\text{b}\text{a}\text{r}}(r{)}_d(t_0,T).$

On $12$ May $2014$ the USDZAR spot exchange rate is $12\mathrm{.}1706,$ 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: O$/$N$,$ T$/$N$,$ S$/$N$,$ S$/$W and $1M.$

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