JOHANNESBURG: South Africa's rand fell to a new five-year low of 11.3900 to the dollar on Thursday after the AMCU union rejected a 9 percent wage offer from leading platinum producers, ensuring a week of industrial action continues.

The rand was at 11.3650 to the dollar at 0924 GMT, after earlier breaching Wednesday's low of 11.3800.

The yield on the 2015 government bond spiked 38 basis points to 7.38 percent, its highest since July 2011. Miners affiliated with the Association of Mineworkers and Construction Union (AMCU) on Thursday rejected the wage offer made by Anglo American Platinum, Impala Platinum and Lonmin.