Rand drops to new low as investors find little comfort in global stimulus efforts

The rand slumped to new lows and the JSE extended losses as unprecedented stimulus by governments and central banks across the world showed little sign of calming investors spooked by the prospect of a prolonged recession.

Locally, markets were on edge as investors awaited President Cyril Ramaphosa’s delayed address to the nation amid speculation that he might impose a lockdown to slow the spread of Covid-19, a move that could bring the already struggling economy to a halt.