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South Africa’s currency was fighting to find a floor in early Asia trade after the currency tumbled another 1.4 per cent on Monday.

The rand had firmed 0.3 per cent to 13.9121 per dollar on Tuesday morning in Asia after Monday saw it slump further on concerns about the country’s direction following the ousting of its finance minister.

South Africa’s benchmark 10-year government bonds deteriorated further on Monday as yield, which moves inversely to price, rose by 4 basis points to close at 8.989 per cent – though it had been as much as 9.04, the highest level since last Tuesday.

Copyright The Financial Times Limited 2018. All rights reserved.

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