The rand fell to its weakest level in three weeks on Thursday, while the JSE dropped in line with other global equities as investors worry about the prospects of the global economic recovery as the US posted its steepest contraction in 73 years.

At 5.21pm, the rand had weakened 2.05% to R16.8819/$, 1.93% to R19.8830/€ and 2.4% to R21.9902/£. The euro lost 0.1% to $1.1778. The local currency weakened to a three-week low of R16.94/$ in intra-day trade, while it has lost about 17% so far this year, according to Infront data.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now