South Africa's rand eases as virus fears grow
- At 0620 GMT, the rand traded at 14.2505 against the dollar, 0.11% weaker than its previous close.
JOHANNESBURG: South Africa's rand weakened slightly early on Tuesday with the safe-haven US dollar on a firm footing amid concerns new coronavirus outbreaks could undermine a global economic recovery.
At 0620 GMT, the rand traded at 14.2505 against the dollar, 0.11% weaker than its previous close.
The greenback hovered just below a two-month high, with investors waiting for Friday's US jobs report that could influence the Federal Reserve's view on stimulus tapering and interest rate hikes.
Fears over the spread of the highly infectious Delta coronavirus variant are denting sentiment at a time when markets are on edge after the Fed shocked traders with a hawkish tilt earlier this month.
South African President Cyril Ramaphosa has tightened COVID-19 restrictions for 14 days, with the country, the worst-hit on the African continent in terms of recorded cases and deaths, in the grip of a third wave of infections.
In fixed income, the yield on the benchmark 2030 government bond was up 0.5 basis point at 8.965%, reflecting slightly weaker prices.
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