A surging US dollar and a “confluence of bad news” have sparked the biggest sell-off in emerging market currencies since the early stages of the Federal Reserve’s aggressive rate-raising campaign two years ago.
A JPMorgan index of EM currencies has fallen more than 5 per cent over the past two-and-a-half months, putting it on course for its biggest quarterly decline since September 2022.
The decline has been broad, with at least 23 currencies tracked by Bloomberg falling against the dollar this quarter.
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