November 17, 2021
Economy

South African rand weakens as virus fears lift dollar

At 1625 GMT, the rand traded at 14.3200 against the dollar, roughly 0.5% lower than its previous close.

Fears over the spread of the highly infectious Delta coronavirus variant have dented global sentiment at a time that markets are on edge because of a hawkish tilt from the U.S. Federal Reserve. [FRX/]

South African scientists said at the weekend that the Delta variant seemed to be starting to dominate new infections, after which President Cyril Ramaphosa tightened restrictions for 14 days.

The country, the worst-hit on the African continent in terms of recorded cases and deaths, is in the grip of a third COVID19 wave that is expected to surpass a severe second wave that peaked in January.

Johannesburg-listed stocks rose after economic data showed disposable income rose 2.3% year on year in the first quarter, which,…

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