Rand slightly firmer despite Covid-19 second wave fears

The rand slightly firmed on Tuesday, despite fears regarding the possibility of a second wave of the coronavirus as some countries reported a pick-up in new cases as they gradually ease restrictions in an effort to restart their economies.

On Monday, Wuhan, the epicentre of the coronavirus outbreak in China, reported its first cluster of infections after the city’s lockdown was lifted a month ago. New coronavirus infections are accelerating in Germany just days after it loosened social restrictions, raising concern that the pandemic could again slip out of control. South Korea also warned of a second wave of the virus on Sunday.