Struggling emerging market currencies the Turkish lira and South African rand have started to make a recovery.
The lira was trading at 6.46 against the US dollar this afternoon while the rand rallied to 15.14 against the dollar after a testing few weeks for emerging market currencies.
The lira has lost around 40 per cent of it’s value this year following an escalating row between Turkey and the US over the detainment of American pastor Andrew Brunson, who is being held on terrorism charges.
Tax levels on lira bank deposits were slashed last week in a bid to boost the weakened currency.
Meanwhile the rand has slightly recovered after it dropped by four per cent this week following a 3.2 per cent slump last week amid a sell-off in emerging market assets.
Analyst at investment firm Daiwa Capital Markets Chris Scicluna said: “Emerging markets are looking stronger this morning, e.g. with the Turkish lira and South African rand appreciating after the Brazilian real rallied about 2 per cent yesterday evening in the wake of the stabbing of the populist right-wing and Presidential frontrunner candidate Bolsonaro.”
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