Sumary of South African rand takes a hit on fears of new Covid variant with many mutations:
- RapidEye | iStock | Getty ImagesThe South African rand on Friday fell sharply against the dollar after a new variant with many mutations was detected in the country.
- “This fundamental news of the new variant in [South] Africa, combined with thin liquidity in Asia, is definitely driving part of that price action,” said Adarsh Sinha, co-head of Asia rates and foreign exchange strategy at Bank of America Securities.
- World Health Organization officials said Thursday they are monitoring a new variant with numerous mutations to the spike protein — the part of the virus that binds to cells in the body.
- The health agency is scheduling a special meeting Friday to discuss what it may mean for vaccines and treatments.
- 1.1.529, has been detected in South Africa in small numbers, according to the WHO.