Rand slumps, yields at record highs as SA Inc falters

South Africa’s rand weakened to a three-month low against the dollar and yields on benchmark government bonds hit record highs amid a selloff fueled by concern about the country’s fiscal outlook as well as the risk-off mood globally.

The rand fell a fourth day on Thursday, its longest streak in six weeks, to its weakest level since June against the dollar at around R19.20. Yields rose all along the curve, with those on 2035 securities climbing above 12.5% for the first time. It could be worse without the support of the highest central bank policy rate in 14 years, according to Citigroup.

Source: Moneyweb