The rand gathered strength in the course of the week, but rather anaemically

JOHANNESBURG – The rand weakened yesterday after having clawed back some of its losses a day before as the markets awaited an imminent South African ratings review decision by Moody’s amid a lockdown due to the coronavirus (Covid-19) pandemic.

The unprecedented stimulus by governments and central banks across the globe also showed little signs of calming investors spooked by the prospect of a prolonged global recession due to the pandemic.

The coronavirus is expected to have a significant knock on economic growth of Africa’s three largest economies, including South Africa, as it weighs in on tourism, exports and overall productivity.

The local currency was trading 0.25percent weaker at R17.40 to the dollar at 5pm after shedding off a two-session rally which had driven it to its firmest since Friday at R17.19 against the greenback.

Over the last seven days, the rand has appreciated by 4.68 percent.