South African rand weaker as second wave fears hurt markets

Economic news

South Africa’s rand opened weaker as investors sold riskier currencies on fears of a second wave of the coronavirus in Beijing. Some investors use the rand as a proxy for emerging market risk, so it tends to swing considerably at times of global market volatility.

South Africa’s confirmed coronavirus cases rose over 70,000 on the weekend, the most in Africa. It has recorded 1,480 deaths.

Source : Reuters Africa

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