Rand Declines First Day in Four as Turkey Crisis Roils Markets
By Robert Brand February 25, 2014
The rand weakened from a seven-week high against the dollar as a fresh political crisis in Turkey soured investor sentiment toward emerging markets.
Turkish opposition leaders called for the resignation of Prime Minister Recep Tayyip Erdogan after a leaked recording in which he appeared to discuss concealing funds from a probe into government graft. The Turkish lira slumped as much as 1.1 percent, along with most emerging-market currencies monitored by Bloomberg. Economic growth in South Africa accelerated in the fourth quarter, a report may show today.
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