News South Africa's rand falls as virus fears hit risk...

-

- Advertisment -

South Africa’s rand falls as virus fears hit risk appetite

News South Africa's rand falls as virus fears hit risk appetite

South African Rand coins are seen in this photo illustration. REUTERS-Mike Hutchings

South Africa’s rand fell to its weakest in more than three weeks on Monday, as fears about the economic fallout from rising COVID-19 cases dented investors’ appetite for riskier assets.

At 0625 GMT, the rand was 0.47% weaker at 17.1400 per dollar, its weakest since July 8.

Signs of a resurgence in global infections in recent days have tamed global demand for assets perceived as risky, putting pressure on the rand, which was already vulnerable because of the frailty of South Africa’s economy.

In South Africa, confirmed cases of COVID-19 crossed half a million on Saturday.

“Markets continue to dwell on uncertainty regarding trade tensions, U.S. elections and recovery, as well as rising virus numbers,” said Bianca Botes, executive director at Peregrine Treasury Solutions.

Government bonds weakened, and the yield on the benchmark bond due in 2030 rose 9 basis points to 9.335%.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Recent Updates

Labour direct Akwa Ibom workers to join nationwide strike

Workers in Akwa Ibom State have been directed to join the nationwide strike commencing on Monday, September 28, 2020,...

NEDC to build molecular labs in northeast states

The North East Development Commission (NEDC) has said it will build Molecular laboratories in the north-east states.The MD/CEO of...

Taraba governor lauds President Buhari over bridge project

Taraba Governor Darius Ishaku has assured RCC construction firm handling the building of the bridge across river Ibi in...

36 states sue federal government, demand funding of state courts

36 states sue federal government, demand funding of state courts
- Advertisement -

Apple removes charging brick from Apple Watch Edition, Hermès

Apple has quietly removed the 5W USB charging brick that it had been previously including with its pricier Apple...

Wilfred Ndidi to undergo surgery on abductor injury

Leicester City manager Brendan Rodgers has revealed that Wilfred Ndidi will undergo surgery on Saturday.The Nigeria international suffered an...
- Advertisement -

You might also likeRELATED
Recommended to you