Rand Hits Six-Week Low as Amplats Output Cut Fuels Trade Concern
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The rand fell to its lowest level against the dollar in almost six weeks after Anglo American Platinum Ltd. said it will idle shafts and cut output, fueling concern South Africa’s current-account deficit will widen.
The rand slipped 0.9 percent to 8.7716 a dollar, the weakest level since Dec. 6, as of 3:16 p.m. in Johannesburg, the worst performer of 16 major currencies monitored by Bloomberg. Yields on benchmark 10.5 percent bonds due December 2026 climbed 2 basis points, or 0.02 percentage point, to 7.13 percent.