Rand Weakens on Biggest Trade Deficit in Six Months; Bonds Drop
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The rand weakened against the dollar after South Africa posted its biggest trade deficit in six months, boosting the currency’s reliance on foreign capital inflows. Bonds slumped after producer inflation quickened.
South Africa’s currency declined as much as 0.4 percent to 7.0017 per dollar and traded 0.3 percent weaker at 6.9971 by 4:21 p.m. in Johannesburg, from a previous close of 6.9731. Against the euro the rand lost 0.4 percent to 9.5408.