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Rand weakens nearly 3% as emerging market currencies slip

At 1352 GMT, the rand traded 2.7% weaker at 14.0700 per dollar, a level last seen on 27 November last year.

Picture: Supplied.

JOHANNESBURG - South Africa’s rand slipped nearly 3% on Friday, slumping to its weakest level in more than 8 months in line with emerging market assets as global trade tension sparked selling pressure.

At 1352 GMT, the rand traded 2.7% weaker at 14.0700 per dollar, a level last seen on 27 November last year.

“The rand and other EM currencies on the back foot as sentiment sours,” Rand Merchant Bank analysts said in a note, adding that this was due to “geopolitical concerns and the negative impact of the US-China trade spat on global growth.”

Analysts said Turkey’s lira and the Russian rouble were hit hardest in the sell-off.

Turkey’s lira hit a new record low against the US dollar in early trade on Friday, as concerns over a widening rift with the United States persisted after a Turkish delegation returned from talks in Washington with no apparent solutions to the crisis.

The rouble slid to two-year lows after Washington said it would impose fresh sanctions on Moscow.

In fixed income, the yield for South Africa’s benchmark 2026 bond was up 5 basis points to 8.860%.

On the bourse, the blue-chip JSE Top-40 index was off 0.07% while the broader All-share index gave up 0.14%.

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