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. 

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