South African Rand Sees Sharp Declines Against Dollar in Wake of New COVID-19 Variant

South African Rand coins are seen in this photo illustration taken September 9, 2015. Mike Hutchings/Reuters

The South African rand (ZAR) saw sharp declines against the dollar on Friday after a new variant of the CCP (Chinese Communist Party) virus was detected in the country.

Zar fell below 16.00 to the dollar for the first time this year just one day after Thanksgiving, dropping to as low as 16.2391 against the dollar during Asia trading hours on Friday. The South African rand was last trading at 16.1748.