The rand fell to its lowest in more than a week against the euro and declined versus the dollar on concern strikes by steel, engineering and energy workers will slow growth in Africa’s biggest economy. The rand slipped as much as 0.8 percent to 9.7309 per euro, the weakest level since July 6, and traded 0.7 percent down at 9.7221 as of 9:54 a.m. in Johannesburg. South Africa’s currency retreated 0.3 percent against the dollar to 6.8422, the worst performance among more than 20 emerging-market currencies monitored by Bloomberg. At least 150 gas stations in Gauteng, South Africa’s most populous province, ran out of fuel today as a strike by unionized workers entered its fourth day, the Fuel Retailers Association said. Steel and engineering workers downed tools 11 days ago, sparking concern loss of output will stall the nation’s economic recovery. South Africa’s currency declined against all 16 of its most-traded peers today. “We are becoming concerned about ongoing strikes and pay disputes but not because of growing inflationary expectations but through the prism of sustainability of first signs of recovery in economic activity,” BNP Paribas SA analysts led by London-based Paul Mortimer-Lee wrote in an e-mailed research note. “If the situation continues to deteriorate, we may well see some more pronounced impact on the rand.” The rand’s retreat was hastened as concern the debt crisis in Europe and the U.S. may worsen curbed demand for riskier, emerging-market assets. Risk-Reversal Rates The premium of one-month options contracts granting the right to sell the rand versus the dollar over those to buy the South African currency widened to four basis points, or 0.04 percentage point, to 3.04 percentage points, the widest since Sept. 10. The so-called risk-reversal premium indicates options traders believe the rand is more likely to decline than to appreciate against the dollar in coming weeks. “Investors will be wary of increasing exposure to emerging markets whilst the crisis in Europe continues to unfold and the U.S. edges ever closer to their 02 August deadline on their debt ceiling,” Tradition Analytics researchers led by Johannesburg- based Quinten Bertenshaw wrote in a research note. Tradition advises buying dollars at 6.76 rand and selling at 6.83. Bonds gained for a second day. The 13.5 percent notes due 2015 rose 8 cents to 121.09 rand, driving the yield down two basis points to 7.482 percent. The 6.75 percent securities due 2021 climbed 8 cents to 89.06 rand, reducing the yield one basis point to 8.421 percent. To contact the reporter on this story: Robert Brand in Cape Town at rbrand9@bloomberg.net To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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