Rand plunges to 2-year low as Turkish crisis hits emerging markets

The rand plunged to a two-year low against the dollar in early trade on Monday as massive falls in the Turkish lira spread to other emerging market currencies.

The rand had earlier in the session plunged more than 10% to hit a session low of 15.70 per dollar, its weakest since June 2016.

Read: Turkey contagion infects rand with steepest plunge since 2008

As of 0821 GMT, the turbulent unit had clawed back much of its losses to be 14.60 to the dollar.

Momentum indicators tracked by analysts show the move thrust the rand into oversold levels, suggesting a correction is on the cards.