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The South African rand fell about 3% to 17.71 per dollar, its worst day since May, after a panel found preliminary evidence that President Cyril Ramaphosa may have violated his oath of office. Ramaphosa denied wrongdoing and has not been charged.
The 10-year local bond yield rose 62.5 basis points to 10.91%, its biggest move since the March 2020 COVID-19 rout.
Political risk is pushing investors out of South African assets, making the rand weaker and raising import costs for feed ingredients priced in dollars. The sell-off is tied to a political event, so the currency could stay volatile until the outcome is clear.
cnbcafrica.comReutersDec 1, 2022Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
