Rand firms as geopolitical tensions and virus cases rise

The rand was firmer on Tuesday as investors continue to monitor simmering geopolitical tension and rising Covid-19 cases.

While the rand was stronger, risk aversion had started to creep into global markets following a resurgence of tension between the US and China. The latter imposed sanctions on the US following a dispute over the treatment of China’s Uighur Muslims while the US said on Monday that most of Beijing’s claims in the South China Sea are unlawful.