JOHANNESBURG, Sept 26 Reuters The South African rand weakened on Tuesday on the back of a surge in U.S. Treasury yields as investors turned away from riskier assets, analysts said.

At 1153 GMT, the rand traded at 19.0175 against the dollar , more than 1.3 weaker than its previous close.

The dollar was little changed against a basket of global currencies.

I suspect the rand is playing catchup to the rest of the market after the long weekend, Danny Greeff, cohead of Africa at ETM Analytics, told Reuters. Trade was closed on Monday due to a national holiday.

On Monday, U.S. Treasury yields reached 16year highs, putting pressure on South African bonds.

The yields on some South African government bonds are reaching highs not seen since the onset of the pandemic as investors rotate away from risk, Greeff said.

South Africa39;s benchmark 2030 government bond was weaker, with the yield up 11.5 basis points to 10.770.

On Tuesday, central bank data showed that South Africa39;s composite leading business cycle indicator, which collects data on vehicle sales, business confidence, money supply and other factors, rose 0.1 monthonmonth in July.

On the Johannesburg Stock Exchange, the bluechip Top40 index last traded around 1.35 weaker from its previous close.

Reporting by Tannur Anders; Editing by Nellie Peyton, Louise Heavens and Sohini Goswami

Source Reuters