Rand tracks emerging currencies lower
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.