Rand at six-week low to the dollar as risk escalates
Emerging-market currencies are under pressure from volatility in the Turkish lira, while global markets are also eyeing Brexit developments
The rand fell to its worst level against the dollar since early January on Wednesday afternoon, weighed on by pressure on emerging-market currencies. The Turkish lira is taking the spotlight off the rand, having seen wild swings as investors consider how that country’s central bank may be intervening in its currency market. The rand was, however, faring slightly worse than the lira on Wednesday afternoon, with a host of local risk events on investors' radars, including the Reserve Bank interest rate decision on Thursday, and a credit-rating announcement by Moody's Investors Service on Friday.
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