Rand Gains Most Among Global Currencies After Yellen's Comments
- Fed chair's remarks spark gains across emerging-market assets
- Stocks advance and bond yields decline to lowest since March 7
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South Africa’s rand gained the most against the dollar among global currencies and headed for its first quarterly gain since 2012 as dovish comments from Federal Reserve Chair Janet Yellen sparked a shift toward riskier assets.
The currency advanced as much as 2.4 percent to the strongest level on a closing basis since Dec. 8, a day before President Jacob Zuma fired his then finance minister, Nhlanhla Nene, sending the rand tumbling. Local stocks ended 1.4 percent higher, the biggest gain in more than two weeks, while yields on government rand-denominated debt due in 2026 fell 19 basis points to 9.16 percent, the lowest since March 17.