South Africa’s rand flat against dollar in thin trade

SOUTH Africa’s rand was largely unchanged in thin trade early on Friday as the currency struggled to make meaningful gains against a stronger dollar, while stocks weakened.

By 0731 GMT, the rand traded at 15.9100 against the dollar, 0.06% weaker than its previous close.

The dollar ticked up against a basket of rival currencies in holiday-thinned trading on Thursday as a dip in weekly jobless claims data helped ease fears that a surge of COVID-19 infections would curb the economic recovery.

The rand ignored an easing of local COVID-19 restrictions as most traders were on holiday for New Year’s Eve.

South Africa lifted a midnight to 4 a.m. curfew on people’s movement with immediate effect on Thursday, believing the country has passed the peak of its fourth COVID-19 wave driven by the Omicron variant.
(Reuters)

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