MARKET NEWS
South African rand hits 18-month low, stocks recover from plunge - REUTERS
Summary
- Rand hits weakest vs US dollar since October 2023
- Top-40 stocks index hits 9-1/2 month low, then bounces
- Benchmark 2030 government bond rises
JOHANNESBURG, April 7 (Reuters) - South Africa's rand slumped to its weakest in 18 months on Monday, while local stocks plunged before staging a recovery as U.S. President Donald Trump's sweeping tariffs and global recession fears rocked financial markets.
At 1456 GMT, the rand traded at 19.5825 against the dollar , down about 2.4% from Friday's close, its weakest since October 2023.