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.
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