South African rand dives amid rumors about the new mutation

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The Rand rate, the South African currency, went down sharply against leading currencies such as the dollar on Friday. The new coronavirus variant, which has been discovered in the country and differs in many ways from the current prevalent Delta variant, led to nervousness among traders.

The rand-dollar exchange rate dropped to the lowest level of the year. The value of the coin has been under some pressure in recent times, but the news about the new coronavirus variant has increased the pressure, according to one trader. However, he noted that trade volumes were relatively low, leading to higher price movements.

The South African Institute of infectious diseases NICD has adopted variant B. 1. 1. 529 in laboratories specializing in RNA research.

“This is a mutation that is seriously worrying,” health minister Joe Phaahla said.

Experts from the Health Organization who have been convened to discuss the available data. England, Israel and Scotland have closed the borders for travelers from several African countries, as the variant has also appeared in Botswana and Zimbabwe.

The European Commission wants air traffic to and from Southern Africa to be stopped immediately.

About the author

Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

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