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Rand falls as virus fears weigh

In early trade the rand was down 0.33% to R15.33 versus the US dollar.
Image: Waldo Swiegers/Bloomberg

South Africa’s rand weakened against the dollar in early trade on Thursday as concerns grew about a resurgence in Covid-19 infections in the country.

By 0620 GMT, the rand was down 0.33% to R15.33 versus the US dollar, extending its fall from the previous session.

Fears of fresh lockdowns to curb the virus spread weighed on the rand, said Bianca Botes, executive director at Peregrine Treasury Solutions.

Strict coronavirus restrictions earlier this year saw the economy fall deeper into recession.

South Africa reported 4,173 new confirmed Covid-19 cases on Wednesday, the highest daily increase since mid-August.

Officials in the Western Cape province, home to tourist hub Cape Town, warned last week that the area was experiencing a resurgence of Covid-19 infections.

The Western Cape emerged as Africa’s first regional hotspot towards the end of March when the new coronavirus spread via tourists into local communities, following the first confirmed positive case in South Africa earlier that month.

In fixed income, the yield on the benchmark government bond was down 0.5 basis point to 9.0%.

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Is 0.33% a fall in the Rand worthy of reporting?

Laugh out loud, the Rand looses or gains value mostly if not only as to the debt of the US. The more they have bailouts (QE or money printing) the stronger the Rand or reverse. The virus means nothing to the value of the Rand.

What bothers me about the COVID19 reproting in SA is how there is no real analysis of the stats. a) What is the mortality rate? b) Are we heading into flu season? What will be the cost implications of another lockdown be vs. allowing each responsible person to look after themselves? d) I don’t see how we can return to another lockdown when most of the country has been opened up even trading of contentious items like liquor

End of comments.

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