The rand was little changed to the dollar from its previous close on Monday afternoon, and well off its worst intraday levels, after the euro staged a comeback against the dollar. However, analysts said the rand remained at the mercy of global developments and could weaken further again if risk-off sentiment did not subside soon. Much depends on Turkey addressing investor concerns, something that has not been forthcoming so far. Analysts said it was crucial that interest rates be increased from their present 17.75% to stem further outflows resulting from the weaker lira. The euro rebounded above $1.14 again after falling to $1.1365 as the Turkish lira slid to record lows, hitting 7.1171 to the dollar, before edging back below 7.00/$ again. The rand plummeted to R15.41 to the dollar when Asian markets opened on Monday, a two-year low but a move that was clearly overdone.
Despite its recovery, the local currency battled to hold onto a best intraday level of R14.1805, weakening t...
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