The rand led emerging-market currency declines, extending a slump to a six-month low as investors bet that there was little chance the South African Reserve Bank would follow developing-nation peers in raising interest rates. The currency weakened as much as 2.4% before paring the decline to trade 1.4% weaker at R13.1617 per dollar as at 11.42am in Johannesburg, leading declines against the dollar. Yields on benchmark government bonds due in 2026 soared 17 basis points to 8.97%, briefly spiking above 9% for the first time since December. As one of the most-liquid emerging-market currencies, the rand is bearing the brunt of a selloff sparked by rising US rates, with the Federal Reserve expected to increase rates again next week. Turkey joined Indonesia and India in raising rates this week as their currencies sagged. The Reserve Bank’s policy is to let the currency float freely, and it did not take action during bouts of currency weakness in the past two decades. The worst quarterly e...

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