Rand weakens as Turkish lira slumps 5%

The rand was weaker on Thursday afternoon, but was avoiding the losses seen in the Turkish lira, which slumped 5% at one point.

At 2pm, the rand had fallen 0.93% to R14.735/$, 0.68% to R16.5413/€ and 0.61% to R19.3342/£. The euro was 0.25% weaker at $1.1226.Local focus is on the Reserve Bank interest-rate decision later. No change in rates is expected, but the tone will be scrutinised, amid volatility in the rand and recent dovish language from major global central banks.

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