Rand Gains for 3rd Day as Yields Hit 1 Month-Low on Easing Hopes
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The rand gained for a third day and bond yields fell to the lowest in almost a month as speculation European leaders are preparing for more monetary easing boosted demand for South Africa’s assets.
The currency climbed as much as 0.6 percent to 8.3366 per dollar, the strongest level since Aug. 24. It traded 0.2 percent higher at 8.3690 per dollar as of 3:54 p.m. in Johannesburg. Yields on benchmark 6.75 percent bonds due 2021 dropped for a second day, falling five basis points, or 0.05 percentage point, to 6.64 percent, the lowest on a closing basis since Aug. 6.