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Johannesburg - The rand extended losses against the dollar on Tuesday, falling to a new 13-year low as emerging market currencies tumbled on heightened expectations that US interest rates could rise by mid year.
Government bonds were not spared in the selloff, with the yield on the heavily-traded paper due in 2026 climbing 6 basis points to 8.02%, its highest in nine weeks.
The rand hit a session trough of R12.3100/$, the weakest it has been since January 2002 according to Thomson Reuters data, and was at R12.2330 by 16:28, down 1.2% on the day.
