Rand Declines Against Dollar, Paring First Weekly Gain in Four
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The rand declined, paring its first weekly advance in four, as traders bet a four-day rally that took the currency to the strongest level against the dollar in a month was overdone. Bond yields fell to six-week lows.
South Africa’s currency depreciated 0.3 percent to 8.7024 per dollar as of 3:05 p.m. in Johannesburg. That cut its gain this week to 2.3 percent, the biggest since the five days ending Sept. 7. Yields on the government’s 10.5 percent bonds due December 2026 fell seven basis points, or 0.07 percentage point, to 7.37 percent, the lowest since Sept. 27. The yield has declined 23 basis points this week.