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The rand and other emerging market currencies fell in sympathy with Turkey’s lira, which plummeted to a record low after country’s central bank announced a sharp cut in its benchmark interest rate on Thursday.

The Central Bank of the Republic of Turkey (CBRT) slashed its policy rate by 200 basis points to 16%, despite rising inflation and a fast-depreciating currency, which economists viewed as confirmation of the bank’s loss of independence...

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