Rand weakens to three-week lows as investors mull budget

The rand weakened to its lowest level in more than three weeks on Thursday morning as investors digested the supplementary budget while global markets monitor the prospects Covid-19 cases continuing to surge.

At 11.am, the rand had weakened 0.26% to R17.4476/$ after reaching R17.53/$ its lowest level since June 1 during intra-day trade. It had weakened 0.13% to R19.5867/€ and 0.49% to R21.7103/£. The euro had weakened 0.23% to $1.1227.