Rand weaker as effects of Covid-19 are seen in economic data

The rand was weaker on Friday, in line with its emerging-market peers, as investors worry about the prospects of the global economic recovery as the effects of the Covid-19 pandemic are evident in economic data.

Data out of the US on Thursday showed that US GDP shrunk an annualised 32.9% in the second quarter of 2020, making this the country’s steepest contraction in 73 years.