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Rand stronger at end of torrid week
But the currency was on course for losses of roughly 4% versus the US dollar this week, hurt by a surprise rate cut and predictions that the global coronavirus pandemic will cause a deep economic contraction.
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Rand falls as deep recession fears weigh
The International Monetary Fund said on Wednesday sub-Saharan Africa’s gross domestic product was on track to shrink this year by 1.6% - its worst performance on record - because of the combined effects of the coronavirus and plummeting oil and commodities prices.
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Rand falls as economy faces deep recession
The central bank projects that the economy will contract 6.1% in 2020, while the International Monetary Fund forecasts a 5.8% dip.
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Rand firms as Chinese trade data lifts riskier currencies
Analysts, however, expect the rand to remain volatile, with a grim outlook for South Africa’s economy after the country imposed some of the toughest restrictions on the continent to curb the spread of the new coronavirus.
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Rand rallies as investors see value after deep fall
The rand, after tumbling to an all-time low of 19.3450 following two credit rating downgrades in quick succession, has clawed back ground in the last few sessions in line with other emerging market currencies.
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Rand recovers after plunging to all-time low
South Africa has imposed some of the toughest restrictions on the continent to try to contain the coronavirus outbreak, including deploying the army to support police during a 21-day lockdown that began on Friday.
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Rand crashes to all-time low after Moody's pulls the plug
Moody’s downgrade will see South Africa kicked out of the benchmark World Government Bond Index (WGBI) of local-currency debt at the end of April, triggering up to $12 billion of forced selling, treasury and analysts estimate.
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Rand on the ropes as virus fears mount
With South Africa reporting a sharp jump in confirmed coronavirus cases on Monday to 402, from less than 50 just over a week ago, sentiment towards the rand and other local assets is set to remain on the ropes.
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Rand, stocks sink as coronavirus pummels markets again
Markets globally were stumbling again as cases of coronavirus continued to rise and countries took increasingly draconian measures to stem the increase.
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Rand, stocks claw back some lost ground
Stocks also clawed back some of the value lost on Monday – the Johannesburg Stock Exchange’s (JSE) deepest daily drop on record.
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JSE sees another major drop, rand under pressure over COVID-19 fears
The local bourse followed international markets with some equities under major pressure.
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Rand weakens as coronavirus worries weigh
Since Monday’s sharp fall to just shy of R17.00, the rand has managed to claw back some ground, but ongoing uncertainty about the effectiveness of measures taken by central banks globally to limit the coronavirus has kept volatility elevated.
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Rand rebounds as global selloff slows
The rand firmed on Tuesday, recovering most of its losses as emerging markets broadly recovered from heavy selling in the previous session triggered by a dive in oil prices and fears about the economic impact of the coronavirus.
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Rand weakens, Amplats leads stocks lower
President Cyril Ramaphosa warned that the virus would hurt travel and tourism, and have a negative impact on South Africa’s already struggling economy, but urged citizens not to panic.
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Rand falls after SA confirms first coronavirus case
The confirmed case was a man who had visited Italy and the health minister warned the arrival of coronavirus would test the country’s health system.
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Rand clings on to post-Fed windfall after recession shock
The rand firmed on Wednesday, finding relief in a surprise rate cut by the US central bank after a sharp selloff triggered by data showing the economy is in recession.
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Rand falls as economy slips into recession
The recession is another setback for President Cyril Ramaphosa’s efforts to revive the economy and stave off a downgrade of the country’s sovereign debt to below investment grade by rating agency Moody’s.
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Rand strengthens as Fed cut bets slow virus-linked selloff
The rand has tanked 13% since the beginning of 2020 and 4% since Wednesday’s budget speech where the treasury announced higher budget deficits and debt, as well as plans to slash public sector wages, raising the likelihood of a credit downgrade by Moody’s.
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Rand weakens as Moody's highlights concerns over Budget
The local currency had initially strengthened after Finance Minister Tito Mboweni unveiled the plan to cut the public sector wage bill by R160 billion.
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Rand firms ahead of inflation data
Locally, consumer price-growth figures, due at 0800 GMT, are set to show a slight uptick but remain well below the central bank’s upper target of 6%.
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Rand firmer as China rate cut soothes virus anxiety
China’s central bank cut the interest rate on its medium-term lending on Monday as policymakers sought to cushion the drag on businesses from the outbreak that has severely disrupted activity.
