South Africa's rand gave up more than one percent against the dollar on Tuesday for the second straight session as a dim global outlook put emerging market assets on the back foot.
Rand slips on waning risk appetite
By 0955 GMT the rand had slipped 1 percent to 16.0890 per dollar after weak factory production figures from China on Monday stemmed risk appetite, traders said.
The hand of Former South African Reserve Bank Governor Gill Marcus is seen holding South Africa's new rand banknotes - which feature an image of former president Nelson Mandela on the front in a file photo. REUTERS/Siphiwe Sibeko
Analysts said the rand-positive impact of the hike, as well as the Bank of Japan's rate cut which boosted high-yielding assets, had largely worn off.
In fixed income, however, government bonds held their ground, with the yield for the instrument maturing in 2026 down 5.5 basis points at 9.29 percent.
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