The rand has continued to remain weak against a basket of currencies at opening trade on Monday morning.
Rating agency Fitch cut South Africa’s credit rating deeper into sub-investment grade late on Friday evening.
— National Treasury (@TreasuryRSA) April 3, 2020
In the video below, rating agency Fitch downgrades South Africa to junk status:
Currently, the rand is trading at R19, 05 to the dollar, R23, 32 to the pound and R20, 54 to the euro.
Economist have warned that the rand will remain volatile over the next few weeks.
In the video below, the impact of coronavirus on the rand: