The South African rand is losing ground, but equities are benefiting from the global upswing.

Even as investors returned to riskier assets at the expense of the dollar and other safe-haven assets, South Africa's rand fell in thin trade on Thursday.

The rand was trading at 15.7325 against the dollar at 0700 GMT, down 0.2 percent from its previous close.

Stocks rose much higher in early trade, adding to gains gained the day before.

Investors have reacted positively to indicators that the Omicron version of COVID-19 may be less severe than previously thought, as well as other encouraging signals such as strong U.S. economic statistics.

Even as investors returned to riskier assets at the expense of the dollar and other safe-haven assets, South Africa's rand fell in thin trade on Thursday.

The rand was trading at 15.7325 against the dollar at 0700 GMT, down 0.2 percent from its previous close.

Stocks rose much higher in early trade, adding to gains gained the day before.

Investors have reacted positively to indicators that the Omicron version of COVID-19 may be less severe than previously thought, as well as other encouraging signals such as strong U.S. economic statistics.