Rand tracks emerging cur­ren­cies lower

The Star Early Edition - - MARKETS - Reuters

THE RAND dropped to a twoweek low against the dol­lar yes­ter­day as emerging mar­ket cur­ren­cies were pres­sured by con­cerns Turkey’s cen­tral bank would not be able to stem the lira’s de­cline.

At 5pm, the rand was bid at R13.8676 to the dol­lar, 22.67c softer than at the same time on Tues­day.

The rand gained in early trad­ing as investors sold off dol­lars ahead of a news con­fer­ence by the US Pres­i­dent-elect Don­ald Trump in which he was ex­pected to spell out more about his plans for the economy.

Turkey’s lira fell to new lows against the dol­lar as con­cerns about po­lit­i­cal and eco­nomic sta­bil­ity pile more pres­sure on a cen­tral bank re­luc­tant to hike in­ter­est rates.

Gov­ern­ment bonds fol­lowed rand weak­ness.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.