admin
South Africa’s rand weakened in early trade yesterday, as investors fled riskier assets following the rapid spread of the coronavirus outside mainland China, with traders cautious ahead of a closely watched budget speech this week.
The rand traded at 15, 1110 per dollar, 0,66 percent weaker than its close on Friday.
“A sharp rise in the spread of the Covid-19 virus in South Korea, Iran and Italy is causing renewed market jitters,” said Bianca Botes, treasury partner at Peregrine Treasury Solutions, in a note.
South Korea put the country on high alert as the number of infections jumped to over 700 and deaths rose to seven. In Italy, officials said a third person infected with the flu-like virus had died, while the number of cases jumped to above 150 from just three before Friday. Iran, which announced its first infections last week, said it had confirmed 43 cases and eight deaths, with most of the infections in the Shi’ite Muslim holy city of Qom. — Reuters.
Online Reporter