The Turkish lira eased to 7.9980 against the dollar after crashing 10% in its worst week since 2018, as President Tayyip Erdogan replaced a hawkish central bank chief with a critic of high interest rates.
Emerging market stocks rebounded about 1.5% after hitting their lowest level this year on Thursday, but were still set for their second straight weekly decline, partly hit by volatility due to quarter-end rebalancing by institutional investors.
Investors’ focus on Friday will be on a central bank policy meeting in Colombia, with the bank expected to leave the benchmark interest rate unchanged as inflation remains well below target.
The Russian rouble firmed past 76 versus the dollar, heading away from 2021 lows touched two days ago, while South Africa’s rand rose 0.2%, a day after the central bank kept lending rates unchanged.
For GRAPHIC on emerging market FX performance in 2021, see tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2021, see tmsnrt.rs/2OusNdXFor TOP NEWS across emerging marketsFor CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see
Tayyip Erdogan, ”, Paul Muller
Argentine, Institute of International Finance, Mutual, Citadel Global, CENTRAL
U.S, Brazilian, Colombia, Argentina