The rand declined for a third day amid the longest selloff of South African bonds in five years on concern that the nation will struggle to finance its current- account gap when Federal Reserve stimulus dries up.
Zimbabwe’s government has raised $42.5 million by selling debt of up to one year’s duration to selected investors after public Treasury Bill sales by the central bank failed, a finance ministry official said.
The euro rose to the highest in more than four years versus the yen after a German report showed Europe’s economic recovery may be gaining momentum, easing speculation the central bank will cut interest rates further.
Nedbank Group Ltd., the South Africa lender controlled by Old Mutual Plc, plans to exercise an option it has from next month to buy a fifth of Ecobank Transnational Inc. in a deal valued at more than $500 million.
The rand weakened, halting four days of gains, after South Africa’s state-owned power utility said the risk of blackouts is the highest since outages in 2008 halted mines and factories in the continent’s largest economy.