Peso and rand become knock-on casualties of Turkey’s currency slide after lira falls 8% against the dollar

A fresh plunge in the Turkish lira sent tremors through global currency markets on Monday, amid fears that the failure of Recep Tayyip Erdogan’s government to tackle its worsening financial crisis would have a domino effect on other vulnerable countries.

The Argentine peso and the South African rand were the biggest knock-on casualties of a day of turbulence that saw the lira fall 8% against the dollar and Erdogan lash out at “economic terrorists on social media”, as he accused Donald Trump of stabbing Turkey in the back.

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Read More Turkish lira record low ripples through global currency markets

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