Panic erupted on the JSE on Monday after oil prices collapsed by more than 30% making it the biggest fall since 1991.
The sharp fall in the oil price has caused markets to tumble worldwide and weaken emerging market exchange rates.
The rand shot past R16 in the early morning, reaching almost R17.
By afternoon, the rand was down 35c or 2.5% to R16.05 from Friday’s closing price.
By afternoon, the JSE was also on track to show its sharpest decline since October 2008, when markets fell internationally due to fears about the stability of banks worldwide when a financial crisis from the United States had hit internationally.
Sasol was one of the biggest losers on Monday:
Naspers declined by 4% on Monday.