Rand recovery brief as global market doom returns

The rand’s recovery proved to be a false dawn as poor economic data globally sparked a sell-off of riskier assets.

A day after posting its biggest gain in two months, the local currency, which often acts as a proxy for global sentiment due to SA’s liquid and open markets, led declines among emerging-markets, falling as much as 1.99% to a near 11-month low against the dollar.