South African rand weakens on virus concerns; focus shifts to rate decision

CAPE TOWN –  South Africa’s rand weakened against the dollar on Monday as the deepening coronavirus crisis roiled financial markets, with focus shifting to the central bank interest rate decision due later in the week.
At 08:50am (Local time), the rand traded at 16.4700 per dollar, 1.94% weaker than its close on Friday.
South African president Cyril Ramaphosa declared a national state of disaster on Sunday as he announced a range of measures to contain a COVID-19 outbreak that has infected 61 people in the country.

Source: iol.co.za