The rand pulled back further from the brink in midmorning trade on Tuesday, regaining as much as nearly 3% against the dollar, backing the argument that the sharp sell-off in the past two sessions may be have been overdone. The strong comeback mirrored the improving global backdrop, with the Turkish lira — which was the epicentre of global market angst — staging a modest recovery from record lows. Investors tiptoed back into risk assets, brushing aside political and economic concerns in Turkey. The improving sentiment played out in relatively stable equities, while perceived safe-haven assets such as the yen were moderately weaker. Though predisposed to shifts in global sentiment because of its status as one of the highly liquid emerging market currencies, some analysts called into question the quantum of the drop in the value of the rand over the past sessions. "While the rand is usually one of the worst-hit currencies in such periods of risk off, its weakness still seems out of li...
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