JOHANNESBURG: The rand was stronger in thin holiday trade on Friday, building on gains made a day earlier when South African markets rode a global rally on easing concerns around the Omicron variant of the coronavirus.
At 1508 GMT, the rand traded at 15.5400 against the dollar, 0.77% stronger than its previous close.
"Growing optimism around the lower hospitalization and mortality rates of the Omicron variant continues to see an increase in risk appetite," Andre Cilliers, currency strategist at TreasuryONE, said.
South African rand slips but stocks ride global rally
Markets around the world also edged higher on Friday and safe havens including the dollar fell further, as studies suggested Omicron might be less severe than previous variants.
South African stocks took a breather in light holiday trade after a three day rally. The Johannesburg Stock Exchange's Top-40 Index edged down 0.16%, while the All-Share index slipped 0.16%.
Government bonds strengthened, with the yield on the instrument due in 2030 falling 1.5 basis points to 9.290%.
Comments
Comments are closed.