Rand recovers a little after reaching a record low of R19.34/$

The rand strengthened slightly on Monday morning, on track to snap a three-session losing streak, with some optimism on global markets after a few European countries reported a decline in Covid-19 deaths.

The local currency remains volatile and reached a record low of R19.34/$ earlier on Monday morning, according to Infront data. It has been under pressure after Fitch Ratings downgraded SA further into junk status on Friday, when the local currency breached R19/$ for the first time.