The rand weakened about 1.5 percent to the dollar after South Africa's central bank delivered a surprise 100 basis point rate cut on Tuesday to cushion the economy from the outbreak.

The bank also signalled more action to support the economy, which it now sees shrinking by about 6 percent in 2020 due to added disruptions from the virus. South African stocks fell 2.8 percent.

Broader emerging markets were also on the backfoot, with the MSCI's stock index shedding about 0.5 percent, while currencies fell 0.2 percent.

Investors were cautiously looking to the possible opening up of major economies, given that virus cases were seen peaking in the United States and Europe.

However, the pandemic's economic impact is expected to run rampant, with the International Monetary Fund now expecting the global economy to mark its steepest downturn since the Great Depression of the 1930's.

eNCA/Reuters