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South Africa’s rand firmer as rising virus cases weigh on U.S. dollar

South Africa’s rand firmer as rising virus cases weigh on U.S. dollar




South Africa’s rand firmed against a weaker dollar in early trade on Wednesday, as the greenback was hurt by a spike in new coronavirus infections in the United States and logistical challenges over the mass roll-out of a potential vaccine.


At 0615 GMT, the rand ZAR=D3 traded at 15.5700 against the U.S. dollar, 0.32% firmer than its Tuesday’s close.


Rand had slipped in the previous session on local political turmoil after South African police issued an arrest warrant on corruption charges for Ace Magashule, a top official of the governing African National Congress party. Reserve policymakers said on Tuesday that surging coronavirus cases threatened to slow the U.S. economic growth once more in coming months and that more targeted government aid was needed. a breakthrough in the coronavirus vaccine, after drugmaker Pfizer (NYSE:PFE) PFE.N said on Monday its COVID-19 vaccine was more than 90% effective based on initial trial results, has brought to light the logistical challenges of distributing hundreds of millions of doses once it becomes available. fixed income, the yield on the government bond due in 2030 ZAR2030= was flat at 8.875%.



Source: Reuters

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