South African rand extends recovery on the day

USD/ZAR continues to fall after having touched highest levels since June 2016

The rout in the Turkish lira earlier in the day spread across to other EM assets with the rand being one of the major victims. Against the greenback, the currency fell by more than 10% earlier in its steepest decline since 2008 to its lowest levels since June 2016.

But as the lira recovers some of its poise and some support is seen from the CBRT, the rand is also retracing some of its earlier losses.

The rand is still down by 2.5% against the dollar - only the lira is weaker in the EM space - but the recovery seen here will at least aid risk sentiment a little on a day where fears of contagion from the lira's collapse may possibly spark a global selloff and meltdown in risk assets.