The rand is missing out on the rally that has pushed gold to new record highs above $2,000 and is instead caught up in renewed emerging-market volatility and lingering concern about the country’s ability to fund itself.

Amid reports of new outbreaks of Covid-19 and lockdowns that may further hurt a global economy that’s set for its worst performance in about a century, the rand was also felled by a familiar factor, the Turkish lira ( slumping to a record low after that country eased some its currency interventions.

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