Home South African Rand falls as emerging market currencies weaken on Omicron worries

Rand falls as emerging market currencies weaken on Omicron worries

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Emerging market currencies weakened as rising cases of the new Omicron variant of the coronavirus in Europe and the United States clouded the global economic recovery.

File picture: Reuters/Siphiwe Sibeko

JOHANNESBURG – The South African rand weakened on Monday amid a broader fall in emerging market currencies as investors shunned riskier assets on concerns over the rapidly spreading Omicron coronavirus variant.

At 06:15 GMT, the rand traded at 15.9550 against the dollar, 0.35% weaker than its previous close, with thin year-end liquidity contributing to choppy trading.

Emerging market currencies weakened as rising cases of the new Omicron variant of the coronavirus in Europe and the United States clouded the global economic recovery.

The World Health Organization said on Saturday that Omicron cases were doubling in one-and-a-half to three days in areas of the world with community transmission, but noted that much remains unknown about the variant, including the severity of the illness it causes.

– REUTERS

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