The rand plunged by over 2% against the dollar on Thursday as South Africa confirmed the country’s first case of coronavirus.
The local currency opened at R15.26 against the greenback on Thursday morning and weakened to R15.59 by 19:20.
"The rand has come under pressure as the first case of the Covid-19 coronavirus has been confirmed in South Africa," said Bianca Botes of Peregrine Treasury Solutions.
"The roller coaster ride markets are on currently is continuing. The spread of the coronovirus is causing massive uncertainty around the world. This will cause volatility and is certainly here to stay for now," said TreasuryONE.
Earlier on Thursday Health Minister Zweli Mkhize confirmed the first case of Covid-19 coronavirus in South Africa.
Mkhize said the National Institute for Communicable Diseases had confirmed that a suspected case of COVID-19 has tested positive.
"The patient is a 38-year-old male who travelled to Italy with his wife," he said.