JOHANNESBURG (Reuters) - South Africa’s rand firmed more than 1 percent on Wednesday in a broad emerging market rally, driven largely by a recovery in the Turkish lira after the country’s central bank said it would take action to stem a selloff in the currency.
The rand firmed 1.3 percent to 12.4075 per dollar, having traded as low as 12.6150 earlier in the session.
“It’s more of an emerging market... But with geopolitical tensions and a stronger dollar, the rand will struggle to hold on to these gains,” said currency trader at TreasuryOne Andre Botha.
Reporting by Tanisha Heiberg; editing by John Stonestreet