Rand on track for biggest weekly loss in three

The rand was on track for its biggest weekly loss in three on Friday morning as the rising coronavirus death toll curbed global risk sentiment.

The rand has been the worst performing among emerging-market currencies tracked by Bloomberg over the past month, down by 4.36%, followed by the Chilean peso down 4.14%. The currency’s performance has been affected by the global risk-off sentiment due to the spread of the coronavirus as well as concerns about SA’s economic trajectory ahead of the national budget speech next week.