The rand slumped to its worst ever in a year against the dollar on Friday as contagion effects of the meltdown of Turkish lira on emerging market currencies played alongside concerns of rising coronavirus cases and lockdowns in Europe.
At 1522 GMT, the rand was trading at 15.7000 to the dollar, down 0.32% since its previous close. In intra-day trade, rand had fallen to 15.7889 against the dollar, its weakest in 2021 so far. The 25-basis-point rate hike by South Africa's central bank, also on Thursday, offered little support. Traders instead focused on the monetary policy committee's apparent preference for gradual policy tightening, as opposed to the steeper rate hikes some in the markets had expected.
Bonds were unchanged with the yield on the government's benchmark 2030 bond 2.5 basis points higher at 9.48%, reflecting a slightly weaker price than the day before.
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