UPDATE 1-South African rand slumps on surging US Treasury yields

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. "I suspect the rand is playing catch-up to the rest of the market after the long weekend," Danny Greeff, co-head of Africa at ETM Analytics, told Reuters. On Monday, U.S. Treasury yields reached 16-year highs, putting pressure on South African bonds.