The rand declined for a second day versus the dollar, paring its biggest weekly gain in six, after a report showed U.S. employment stagnated in August, fueling concern the world’s biggest economy is slowing. Bonds gained.
Kenya’s currency is trading at its highest level in 10 weeks and stocks are rallying as investors bet the East African nation will avoid a repeat of the prolonged violence that followed 2007 elections in today’s vote.
South Africa’s central bank will probably delay raising interest rates until the third quarter of next year as the global recovery weakens, curbing growth prospects in the country, Standard Bank Group Ltd. said.
A market rally sparked by Moody’s Investors Service this week proved short-lived as the rand’s worst start to the year since 2009 propelled South African credit risk to the highest level in more than a month.