Rand weakens as oil price tumbles

South Africa’s rand weakened against the US dollar early on Wednesday as falling global oil prices, down 10 per cent in the past two days, and worries over global growth prospects soured confidence in emerging market assets.

At 0600 GMT the rand traded at 11.7275 per dollar, 0.11 per cent softer following an overnight close of 11.7150 in New York, the currency failing to confirm stops near the 11.6800 resistance level.

Government bonds continued to be firm as investors sought safer bets in fixed income, with the yield on the benchmark paper due in 2026 shedding 3.5 basis points to a month-low of 7.755 percent.
—Reuters