Rand Leads Currency Gains as South Africa Delays Nuclear Program
- Cost of nuclear build estimated at as much as $100 billion
- Decision positive for Treasury: Medley Global’s Rendell
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The rand extended gains, strengthening the most among global currencies after the South African government said it would delay a plan to build new nuclear power plants, allaying concern that the cost of the program would strain fiscal targets.
The rand gained as much as 1.3 percent to 14.0535 to the dollar, the strongest in two weeks on a closing basis and the most among 31 major and emerging-market currencies tracked by Bloomberg. Yields on 10-year government bonds declined for a sixth day, down 5 basis points to 8.9 percent, the lowest on a closing basis since Nov. 9.