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Rand Pushes Past 14 to Dollar as Turkey Woes Weigh on Currency

  • Currency falls as much as 3.1% as lira concern spreads to EM
  • Rand could weaken to 14.50 in short term, SEB SE Says
Bloomberg business news
Erdogan Appeals to Turks on Lira, Citing 'Interest Rate Lobby'
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South Africa’s rand weakened beyond 14 against the U.S. dollar for the first time since a credit downgrade in November as Turkey’s economic crisis sent investors fleeing from emerging-market assets.

The rand extended its drop after U.S. President Donald Trump announced higher tariffs on Turkish steel and aluminum imports. The move came on the heels of an address by Turkish President Recep Tayyip Erdogan that failed to reassure global markets.