MARKET WRAP: Rand drops to three-week low on global economic recovery worries

The rand fell to its weakest level in three weeks on Thursday, while the JSE dropped in line with other global equities as investors worry about the prospects of the global economic recovery as the US posted its steepest contraction in 73 years.

At 5.21pm, the rand had weakened 2.05% to R16.8819/$, 1.93% to R19.8830/€ and 2.4% to R21.9902/£. The euro lost 0.1% to $1.1778. The local currency weakened to a three-week low of R16.94/$ in intra-day trade, while it has lost about 17% so far this year, according to Infront data.