The rand fell to its weakest level against the dollar in about six weeks on Friday morning, as it was caught up in the Turkish lira’s woes. The slump in the lira to record lows came amid the diplomatic spat between Turkey and the US over the detention of an American pastor, raising concerns that the US could impose sanctions on Turkey, whose economy is already reeling from hyperinflation. "Turkey is in trouble after the US announced that it’s reviewing the country’s duty-free access to the US market, which could affect tax on $1.7bn of Turkish exports. Turkish lira is at an all-time low, inflation +15% and central bank seems reluctant to raise rates," economist Thabi Leoka said in a tweet.

Turkey has in the past few months to raised interest rates aggressively in an attempt to put a floor under the lira, which is the worst-performing emerging-market currency in 2018. The rand weakened to within striking distance of the symbolic R14/$, putting it on track for its worst weekly d...

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