Rand Rebounds From Five-Week Low as Bernanke Keeps Stimulus Open

The rand gained, rebounding from a five-week low, after Federal Reserve Chairman Ben Bernanke said he wouldn’t rule out further bond purchases to boost growth and reduce unemployment, which he called a “grave concern.”

South Africa’s currency advanced 0.5 percent to 8.4302 per dollar as of 4:33 p.m. in Johannesburg, paring its decline this month to 2 percent. The rand initially reversed gains after Bernanke’s prepared speech was published, before recovering. The yield on 6.75 percent bonds due 2021 climbed two basis points, or 0.2 percentage point, to 6.74 percent, for an 8 basis point advance in the month.