Coronavirus in South Africa: Rand tanks further

Rand currency gold bar cash

File image: File: The rand has reached fresh lows against the US dollar, currently trading at around R17. 87 against the greenback.

Getty Images

JOHANNESBURG - The rand has reached fresh lows against the US dollar, currently trading at around R17. 87 against the greenback.

Things could get worse for the local unit as the coronavirus continues its rapid spread across the globe.

READ: Rand plunges on coronavirus fears

Investors are now ditching emerging market currencies like the rand and are flocking into haven assets on fears, that COVID-19 will collapse economies globally.

The slump in the rand could send the country's already ailing economy further into the doldrums and possibly lapped with a downgrade into junk status by Moody's which is set to make its decision later this month.

Source
eNCA