The South African rand touched the lowest level in two years against the US dollar today amid fears that the Turkish financial crisis will spread to financial systems of other countries.
Riskier currencies of emerging markets, the rand being among them, were soft today due to risk aversion on the Forex market. Turkey’s central bank attempted to assuage investors’ fears. While it managed to pause the free fall of the Turkish lira, markets remained largely in a risk-off mode.
USD/ZAR rallied 2.47% to 14.4412 as of 9:53 GMT today, touching 15.5517 earlier — the lowest level since June 2016.
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