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The rand recovered in early trade on December 2 to R15.97 per dollar, 0.47% firmer than the previous close, after breaching R16.00 the day before. Omicron had become the dominant strain in South Africa, with 74% of sequenced genomes from the new variant.
Analysts said the risk-off move could be short-lived if vaccines remain effective.
Improving risk sentiment eases the dollar's safe-haven pull on the rand, which moderates dollar-priced import costs for feed buyers. The Omicron-related swings are a near-term driver of currency volatility.
moneyweb.co.zaOlivia Kumwenda-Mtambo, ReutersDec 2, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
