Covid-19 pandemic sees rand breach R17/$

JOHANNESBURG – The rand’s turmoil reached another level on Wednesday afternoon after it breached the R17.00/$. 

According to Bianca Botes, Treasury Partner at Peregrine Treasury Solutions, 
the rand breached R17.00/$ with ease as the sell-off on the back of the Covid-19 virus pandemic continues to wreak havoc across financial markets. 

“As the world braces for the anticipated global economic fallout of the pandemic, the continued sell-off also saw bond yields skyrocket, as investors unloaded South African and other emerging market assets in a bid to de-risk their holdings,”  Botes said.