The rand of South Africa is weakening versus the dollar, but equities are rising.

In early trade on Wednesday, the rand fell versus a higher dollar, as investors continued to assess the impact of an increase in Omicron coronavirus infections on the global economy.

The rand was trading at 15.8800 against the dollar at 1017 GMT, down 0.13 percent from its previous close.

The dollar index stopped two days of losses and crept up to 96.551, but it was still well within its recent ranges, thanks to slight drops in the pound - a beneficiary of Tuesday's surge - and the euro. [USD/]

However, with trade volumes down ahead of the Christmas season, foreign exchange changes were essentially minor.

In a note, Craig Erlam, senior market analyst for UK and EMEA at OANDA, stated, “These are illiquid markets and Omicron remains to be a massive cloud of uncertainty over them.”

Investors heading into the holidays have been attempting to minimize risk since the breakout of the Omicron variety in late November, with knee-jerk reactions the rule of the day every time the virus evolves.

At 1027 GMT, the Johannesburg All-Share index was up 0.48 percent, while the Top-40 index was up 0.47 percent, continuing Tuesday's surge as risk appetite strengthened.

The yield on the benchmark 2030 government bond rose 5 basis points to 9.375 percent in fixed income.