MARKET WRAP: Rand has first day of losses in a week

The rand had its first day of losses in a week on Monday as worries about the rise in Covid-19 cases weighed on global markets while local investors await the medium-term budget policy statement (MTBPS) on Wednesday.

At 5.15pm, the rand had weakened 0.25% to R16.2267/$ while it had gained 0.21% to R19.1686/€, and was little changed at R21.1071/£. The euro had weakened 0.38% to $1.1813. The rand is down 13.5% to the dollar since the beginning of the year.