The rand fell for a 10th day in its longest losing streak in five years after Federal Reserve Chairman Ben S. Bernanke said monthly bond purchases may be slowed and South African clothing workers went on strike.
The rand declined for a third day, falling to a five-week low against the dollar, on investor concern that the nation’s current-account gap will widen as metal exports decline. Bond yields rose to two-week highs.
The rand strengthened, reversing earlier losses, after a report showed South Africa posted an unexpected trade surplus last month as a backlog in exports was cleared after the end of a strike that crippled ports.
The rand depreciated for the first time in four days on speculation raw material prices will fall as China’s economic growth slows, damping demand for currencies linked to commodities. Bond yields rose to a three-month high.
The rand extended its losses, declining the most in more than a week, and yields climbed after South Africa posted its biggest trade deficit in seven months and Moody’s Investors Service cut the nation’s rating.
The rand slumped to a three-week low after manufacturing slowed in South Africa and its export markets and the country braced itself for a possible power- utility strike threatening to hobble industrial output.