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There are worries regarding the mutation of the virus and risks for serious lockdowns: emerging-market strategist.
By Colleen Goko, Bloomberg
7 Jan 2021 18:34
South Africaâs rand is feeling the effect of the countryâs worsening coronavirus crisis.
The currency has weakened for five straight days the longest streak in five months as the country contends with a more infectious strain of the virus, surging infections and difficulties in procuring vaccines. Thatâs despite a broadly supportive external environment, with the dollar under pressure and commodity prices rising.
The rand is already the emerging worldâs biggest loser versus the dollar in 2021. It weakened 2.4% to 15.4354 per dollar by 5:36 p.m. in Johannesburg, bringing its year-to-date losses to 4.8%, compared with the 3.2% decline of the next-worst performer, Brazilâs real.