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 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. The risk associated with blocking volatility in the lira could diminish investor appetite for other emerging-market currencies, including the rand, FXTM head of global currency strategy Jameel Ahmad said.
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