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Rand Hurt by Fragile Sentiment as Oil Adds to Virus Threat

  • Bearish bets on S. African currency climb to one-year high
  • Moody’s trims growth forecast; Eskom starts power cuts Monday
South African Rand Rebound Snaps Streak of Weekly Losses
Photographer: Waldo Swiegers/Bloomberg
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South Africa’s rand plunged by almost 8% against the dollar Monday, touching its weakest level on a closing basis since January 1980, as investors fled riskier assets, with tumbling oil prices adding to nervousness spurred by the spreading coronavirus.