Rand leads EM sell off; lowest level in more than 2yrs

The rout in emerging markets showed no sign of letting up, with most currencies weakening and an index of stocks nearing a bear market. South Africa’s rand led the sell-off.

🔒 Who to blame for the rand slump?

The rand fell out of bed on Tuesday, trading well below R15 to the US dollar as Stats SA announced that the country is in a technical recession.