It is believed that COVID-19 attacks the nerves that allow us to smell. I recently attended an excellent webinar about just this. You can still pass the virus on even with only that symptom.
It may occur in isolation and if you or anyone you know develops this, they should self isolate for 7 days.
It is recognised as a common symptom now. I have spoken to several patients with Covid 19 who have also lost their smell and taste. I haven’t had a cough at all so this disease is clearly very variable. I was very lucky – a slight temperature, symptoms of a cold, a blocked nose and then I lost my sense of taste and smell.