The rand was flat in early trade on Tuesday, holding on to some of the gains made in the previous session on upbeat global mood as investors looked beyond clouds cast by the rapidly spreading cases of the Omicron coronavirus variant. Picture: Karen Sandison/African News Agency(ANA)
The rand was flat in early trade on Tuesday, holding on to some of the gains made in the previous session on upbeat global mood as investors looked beyond clouds cast by the rapidly spreading cases of the Omicron coronavirus variant. Picture: Karen Sandison/African News Agency(ANA)

Rand flat in early trade against the dollar

By Reuters Time of article published Jan 4, 2022

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The rand was flat in early trade on Tuesday, holding on to some of the gains made in the previous session on upbeat global mood as investors looked beyond clouds cast by the rapidly spreading cases of the Omicron coronavirus variant.

At 0622 GMT, the rand traded at 15.8500 against the dollar, largely unchanged from its previous close.

While the surge in coronavirus cases caused by the Omicron variant continued to impact global travel and public services, investors remained optimistic that lockdowns would be averted.

In South Africa, officials believe the country has passed the peak of a wave of coronavirus infections caused by Omicron.

The rand is likely to track the global mood, with the local economic data calendar being light this week. A purchasing managers' survey is due on Wednesday, while reserves figures are due on Friday.

REUTERS

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