Economists have warned that the rand will remain extremely weak in the coming days as the coronavirus continues to ravage global markets.
The currency was trading at lows of R17-74 against the US Dollar on Monday.
It breached 17 rands last week.
Standard Bank Chief Economist Goolam Ballim says the rand could reach the R18 mark soon.
“Emerging markets are in acute risk aversion, financial market participants are almost indiscriminately selling assets and turning to cash as a safe haven. Given that South Africa is an emerging market and one that has a substantial commodity component to its GDP and an emerging market that was already weak prior to the COVID-19 means that South Africa would be in the crossheads of this sell-off and this will result in the rand remaining vulnerable and weak.”