The sell-off in emerging market currencies intensified yesterday despite a string of rate rises by central banks as investors sent a strong signal that policy makers would need to take tougher action to restore confidence.
The rally that followed the dramatic midnight rate rises by Turkey’s central bank fizzled out as analysts said monetary policy had not been tightened as much as initially thought. South Africa’s central bank also shocked markets by raising rates – but the rand continued to plunge after policy makers presented it as a one-off move that would not change its overall stance on inflation.
Turkey’s lira swung sharply and ended the day at TL2.2445 to the dollar, little changed from the level it reached before the rate rise.
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