The rand hit a four-month low on Friday as global markets took a hit following an upward revision to the number of new cases of the coronavirus.

This week, Moody’s Investors Service slashed its forecast for SA’s GDP growth for this year and next, fueling concerns that a downgrade for the country is imminent. The ratings agency dropped its 2020 prediction to 0.7%, from the 1% it announced in November. It also lowered its expected 2021 growth to 0.9% from 1.2% previously.

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