SA’s first coronavirus case knocks rand

JOHANNESBURG – The rand weakened yesterday on the confirmation of the first coronavirus case in South Africa, surrendering the gains it made earlier on the narrowing of the current account deficit.

The rand fell to R15.53 against the dollar at 4.14pm as the market digested the news of the confirmation of the virus.

By 5pm, the currency exchanged hands 17 cents lower against the greenback at R15.5204.

Banking stocks also retreated 0.89 percent to 7742.89 points, while mining stocks also fell 0.54 to 40433.47 points. The JSE All Share Index and the Top 40 Index remained flat.

Peregrine Treasury Solutions’ Bianca Botes said the market had been rattled by the confirmation of the virus in the country.