MARKET WRAP: Rand falls to R17/$ as the coronavirus spreads

The rand fell to its worst level in three weeks on Friday, breaking above R17/$, as a rise in Covid-19 infections in a number of countries across the globe threatens economic recovery.

The effects of the Covid-19 pandemic have been evident in recent economic data, with US GDP for the second quarter dropping the most in several decades, data showed on Thursday; while numbers released on Friday showed that Spain’s economy shrank the most so far in Europe.