South Africa's rand falls to 3-1/2 year low as strikes weigh

JOHANNESBURG: South Africa's rand fell more than 1.9 percent against the dollar on Monday to another 3-1/2 year low as strikes that have hit output in the mining sector continued to hurt sentiment.

The rand fell to 8.97 to the dollar, its weakest level since April 2009, according to Reuters data, compared to Friday's close at 8.79.

Government bonds tracked the currency weakening, with the yield on the three-year benchmark up 12 basis points at 5.54 percent while that for the 2026 jumped 26 basis points to 7.925 percent.

"It's all the local news about strikes. All the negativity from last week is ongoing," said Standard Bank trader Jan Defouw. Trading volumes were thin, adding to the volatility in the market.?Reuters