Rand reaches R19/$ in longest weekly losing streak in 14 years
The local currency was down 6.85% for the week, making this its longest losing streak since 2006
The rand reached a historic low on Friday ending its seventh consecutive week of losses, as the escalating Covid-19 pandemic saw investors flee riskier assets.
The local currency was down 6.85% for the week making this its longest losing streak since 2006. It also reached a new low of R19/$ during intra-day trade, according to Bloomberg data, as fears that the spread of Covid-19 will intensify weighed on emerging-market currencies. The number of confirmed cases surpassed one-million on Thursday.