Business Maverick: Funds Are Furiously Selling Risky Emerging Market Currencies

The MSCI Emerging Markets Currency Index dropped for a second day on Wednesday, extending this year’s slide to 4.5%, the biggest for such period ever. Losses in the developing world were led by the Russian ruble, which fell for a fourth day amid talks about foreign-exchange intervention. Andean currencies also weakened, with the Colombian peso dropping to a fresh record against the dollar.

“The environment is not very forgiving for EMs,” said Eugenia Victorino, head of Asia strategy at Skandinaviska Enskilda Banken AB in Singapore. “An improvement in the global-growth outlook will be required to turn the sentiment on the dollar, which may only come next year.”

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