The rand has weakened by 1% on Monday, trading at R18,93 to the dollar in mid-morning trade on the JSE.

This is, however, still stronger than its weakest level so far of R19,35 to the dollar after Moody’s rating agency cut South Africa’s credit rating to sub-investment grade, and rating agency Fitch cut its credit rating deeper into sub-investment grade at the beginning of the month.

In the video below, rating agency Fitch downgrades South Africa further: 

The rand has lost nearly 30% of its value since the beginning of the year.

Economists have warned that the rand will remain volatile over the next few weeks. 

In the video below, the impact of coronavirus on the rand: