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South Africa's rand and bonds failed to join a global rally, with the rand the worst performer among 25 developing-nation currencies. The 10-year sovereign yield jumped the most since May 2021 after President Ramaphosa faced calls to resign over allegations linked to the theft of R9.8 million hidden in furniture on a game farm he owns.
Exporters pulled their offers as the currency looked vulnerable.
Political turmoil is driving capital outflows and a weaker rand, which raises the dollar cost of imported feed. Investors may shift money to faster-growing Asian or Latin American markets.
moneyweb.co.zaSrinivasan Sivabalan, Colleen Goko, BloombergDec 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.
