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MARKET WRAP: Rand sinks to weakest since May 2020 amid global risk aversion

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The latest blowout was due to a strong dollar, which also hurt commodity prices, indicating continuing angst over the global economy

The rand fell as much 2% on Friday in its biggest one-day fall since early June, rounding off what has been a brutal week for risk assets.

SA’s currency sank to R17.92/$ by Friday afternoon, the lowest since the early days of the Covid-19 pandemic in May 2020, stretching year-on-year losses to 21%...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

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