Rand Suffers as Lockdown Fears Drive Sell-Off

The local unit weakened by 1.5% to reach levels last seen in early November (15.64/USD), before recovering slightly. Fears over further local lockdown restrictions were the main reason for the ZAR sell-off, however, President Ramaphosa confirmed last night that SA will remain on ‘adjusted level 3’ (with some slight tweaks) for now. The crazy political events in the US, including the race against time to impeach outgoing President Trump for the second time, has left equity markets on pause, with investors opting for more gold bars instead.

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