The rand slightly weaker on rising Covid cases in Europe

The rand swung between small gains and small losses on Monday, with the news that SA will move to level 2 lockdown boosting investor appetite for riskier assets, while grim global economic outlook remains a concern.

Market sentiment was lifted after President Cyril Ramaphosa announced at the weekend that lockdown restrictions would be eased, permitting alcohol and tobacco sales, and restaurants and taverns to return to normal business subject to hygiene protocols.