South African rand hits new Covid horrors, varieties

South African rand.

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The South African rand on Friday plunged against the dollar after new variants with many mutations were detected domestically.

During Friday’s Asian trading hours, the currency fell to 16.2391 against the greenback and finally to 16.2215 per dollar, down about 1.6%.

Losses occurred as investors were rushing towards safe currencies such as: JPY, This is up about 0.6% against the greenback to 114.69 per dollar.America Dollar indexTracking greenbacks against peers was 96.712, compared to levels below 96.5 seen earlier this week.

A currency analyst told CNBC “Street Signs Asia” On Friday, Rand’s big move could be partly due to the low number of transactions taking place during Asian time.

“The basic news of this new variant is [South] Africa is undoubtedly driving some of its pricing behavior, coupled with the low liquidity of Asia. “

World Health Organization officials said Thursday They are monitoring new mutants that have numerous mutations in the peaplomer, which is part of the virus that binds to cells in the body. Health agencies are planning a special meeting on Friday to discuss what that means for vaccines and treatment.

According to WHO, a subspecies called B.1.1.529 has been found in small numbers in South Africa.

“We don’t know much about this yet. What we know is that there are many mutations in this variant. And so many mutations affect the behavior of the virus. “WHO technical lead on Covid-19, Dr. Maria Van Kerkhove, said in a live-streamed Q & A on the organization’s social media channels.

A few hours after the announcement, the UK Temporarily suspend flights from 6 African countries..

— CNBC’s Hannah Miao contributed to this report.

South African rand hits new Covid horrors, varieties

Source link South African rand hits new Covid horrors, varieties

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