RandReport: Rand slumps to 3-month low as Turkey turmoil hits emerging markets
JOHANNESBURG - The rand tumbled to its weakest since early January on Wednesday, as sentiment toward emerging market currencies was soured by a slide in the Turkish lira.
On Monday, the Turkish lira suffered biggest one-day fall since August as local investors stepped-up conversion of savings into dollars. The lira continued to weaken on Wednesday, plunging around 2%, while government directed banks to withhold lira liquidity from a key foreign market. With key resistance at 14.60 breached and local sentiment subdued by signs of slow economic growth and concerns that Moody’s may cut the sovereign rating to junk on Friday, the rand is set to remain on the ropes for the next few sessions.
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