The rand ends the week flat after a turbulent five days in which it reached 2016 lows
The JSE closed on Friday with its biggest one-day loss in a week, tracking weaker markets globally as the coronavirus spreads around the world, weighing on demand for riskier assets. Local markets had a turbulent week as SA confirmed its first case.
It was similarly turbulent for the rand, which traded at a range between R15.8641 — its weakest level since 2016 — and R15.2139. It eventually ended the week flat at R15.6781. It was the most volatile of 24 emerging-market currencies tracked by Bloomberg, followed by the Russian rouble. So far in 2020, the rand has lost more than 11% to the dollar. A weaker rand, which pushes up import costs, might make it harder for the Reserve Bank to support a struggling economy by cutting interest rates.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Netflix pushes African content to grow market share on the continentReport shows revenue generated by African subscription video-on-demand services is expected to increase to more than $1bn by 2025
Read more »
JSE may fall on Friday as coronavirus fears persistUS markets fell on Thursday and Asian markets are sharply down on Friday, amid confusion over the virus
Read more »
This is not a drill: WHO urges world to take virus more seriouslyThe epidemic has wreaked havoc on international business, tourism, sports events, and schools.
Read more »
How social media firms are preventing the spread of misinformation about coronavirusIn response to the coronavirus outbreak, the world's biggest social platforms have begun taking action against misinformation.
Read more »
JSE could benefit from US election developments on ThursdayA Congressional package to tackle the coronavirus and Joe Biden’s victory have boosted US and Asian markets
Read more »
Man believed to have been in contact with coronavirus patient put in isolationHealth Minister Zweli Mkhize confirmed the first coronavirus case in the country on Thursday.
Read more »