After getting battered for most of 2023, emerging market currencies have made modest gains against the dollar after the Federal Reserve
"We've seen already some pretty sharp gains last week, but the recent gains aren't extending because there is still uncertainty about the Fed ... and at the same time the U.S. is still performing better than most other economies," said Mitul Kotecha, Head of FX & EM Macro Strategy Asia at Barclays. Only a few Asian currencies, such as the Indian rupee , Thai baht , and South Korean won were expected to recoup their losses by late 2024. In the near term, the rupee is forecast to trade in a narrow range.
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