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The rand remained under tremendous pressure on Monday morning, although it was well off the day’s worst levels after the Turkish central bank stepped in with measures to address the meltdown in the lira, which acted as a destabilising force across global markets. Earlier in the Asian session, the rand plunged by the most against the dollar in nearly 10 years, raising the prospect of much higher inflation, which could force the Reserve Bank to increase interest rates. Living up to its character as the most volatile currency, the rand plunged as much as 10% to cross R15/$ for the first time into two years. This marked the biggest one-day fall since October 2008, at the height of the global financial crisis. Just more than two weeks ago, the rand changed hands to the dollar at R13.09 before reversing course on a combination of factors, including concerns about the land reform process. Other emerging-market currencies were under pressure, too, amid heightened global risk aversion. But i...

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