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Johannesburg - The rand fell more than 1.9% against the
dollar on Monday to another three-and-a-half year low as strikes that have hit
output in the mining sector continued to hurt sentiment.
The rand fell to R8.97 to the dollar, its weakest level
since April 2009, according to Reuters data, compared to Friday’s close at
R8.79.
Government bonds tracked the currency weakening, with the
yield on the three-year benchmark up 12 basis points at 5.54% while that for
the 2026 jumped 26 basis points to 7.925%.
“It’s all the local news about strikes. All the negativity from last week is ongoing,” said Standard Bank trader Jan Defouw. Trading volumes were thin, adding to the volatility in the market.
