Rand extends losses

The local currency hit 19.32 to the dollar by midmorning on Tuesday.

The rand extended losses in early trade on Tuesday, bearing the brunt of more dollar strength and surging US Treasury yields, analysts said. The dollar last traded more than 0.1% firmer against a basket of global currencies.

On Monday the rand slumped about 1.5%, dragged down by a buoyant dollar and a local purchasing managers’ survey that showed factory activity shrank for the eighth month in a row. The rand has had a turbulent year, falling to an all-time low against the dollar in June, recovering some ground and then slipping again. It is down more than 11% against the greenback year to date. The results of the South African government’s weekly long-term bond auction are due on Tuesday morning.

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