The South African rand slumped on Monday, dragged down by a stronger dollar and local purchasing managers' data that showed factory activity shrank for the eighth month in a row in September.
The dollar index rose around 0.5% against a basket of global currencies, helped by data that showed the U.S. manufacturing sector took a step towards recovery in September, as production picked up and employment rebounded.
The Absa Purchasing Managers' Index showed that local manufacturing activity contracted due to depressed demand and constrained production. "The drop in the PMI today the rand, pulling it back to R19.00/USD on disappointment of a much weaker than expected figure, although the rand's reaction could prove temporary," Investec economist Annabel Bishop said in a research note.South Africa's benchmark 2030 government bond was weaker, with the yield up 9 basis points, to 10.900%.Gold extended its decline for a sixth straight session on Monday to hit a near seven-month trough, as a robust dollar and prospects of higher U.
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