South Africa’s rand firmed more than 1% on Wednesday in a broad emerging market rally, driven largely by a recovery in the Turkish lira after the country’s central bank said it would take action to stem a selloff in the currency.

The rand firmed 1.3% to 12.4075 per dollar, having traded as low as 12.6150 earlier in the session.

“It’s more of an emerging market… But with geopolitical tensions and a stronger dollar, the rand will struggle to hold on to these gains,” said currency trader at TreasuryOne Andre Botha