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South African Rand Touches Lowest Level in Two Years

August 13, 2018 at 10:01 by Vladimir Vyun

100-rand notesThe 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.

If you have any questions, comments, or opinions regarding the South African Rand, feel free to post them using the commentary form below.

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