Rand slips on rising Covid-19 infections and US-China tension

The rand was weaker on Monday, in line with emerging-market currencies as investors worry about a rise in Covid-19 infections in a number of countries across the globe and deteriorating US-China relations.

The local currency broke above R17/$ level on Friday for the first time in three weeks, as a surge in infections threatened economic recovery, with investors concerned that some form of lockdown measures in some economies might slow down economic recovery.