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S.Africa's rand weakens as virus resurgence fears hit appetite

04/21/2021 | 04:10am EDT
New South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg

JOHANNESBURG - South Africa's rand weakened marginally on Wednesday, as worries about a resurgence of COVID-19 cases hurt global markets and as local investors awaited inflation data for cues on the economy.

At 0534 GMT, the rand traded at 14.3250 versus the dollar, 0.14% weaker than its New York close on Tuesday.

Asian shares and U.S. stock futures also fell on Wednesday as recent optimism about rising vaccination rates in the United States, Britain and Europe gave way to concerns that record coronavirus cases in India and fresh travel restrictions would act as a brake on the global economy.

In recent weeks especially, the rand has tended to take its cue from such global drivers. However, investors will look to the consumer price index on Wednesday for clues about inflationary pressures.

Inflation has been weak since the government imposed a strict coronavirus lockdown more than a year ago, dipping below the central bank's 3%-6% target range in February.

Government bonds also fell, with the yield on the benchmark instrument due in 2030 down 2 basis points at 9.065%.

(Reporting by Emma Rumney, Editing by Sherry Jacob-Phillips)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.05% 0.78387 Delayed Quote.2.12%
BRITISH POUND / US DOLLAR (GBP/USD) 0.03% 1.41363 Delayed Quote.2.68%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.10% 0.82672 Delayed Quote.5.11%
EURO / SOUTH AFRICAN RAND (EUR/ZAR) -0.01% 17.0411 Delayed Quote.-4.51%
EURO / US DOLLAR (EUR/USD) 0.23% 1.21694 Delayed Quote.-0.36%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.04% 0.013612 Delayed Quote.-0.36%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.01% 0.72688 Delayed Quote.1.59%
US DOLLAR / SOUTH AFRICAN RAND (USD/ZAR) -0.35% 14.0055 Delayed Quote.-4.11%
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