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The rand weakened to 17.72 per dollar on Friday after rallying to its highest since March 27 the previous day. The South African Reserve Bank had cut its repo rate by 50 basis points to ease pressure from the coronavirus lockdown and expects the economy to shrink 7%.
Rising US-China tensions over Hong Kong capped the rand's gains.
The SARB rate cut lowers the return on the rand, while escalating US-China tensions add currency volatility that affects South African import costs for feed.
moneyweb.co.zaMfuneko Toyana, ReutersMay 22, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
