Emerging-market currencies are tumbling as the twin threats of rising US interest rates and a global recession send traders scurrying to the safety of the dollar. The Philippine peso led declines in Asian trade, sliding to the lowest level in 17 years, while the South Korean won tumbled to the weakest since 2009. The Russian ruble sank more than 6% in European trade.
” All of the 23 major emerging-market currencies tracked by Bloomberg have weakened over the past month as the Federal Reserve has raised its benchmark rate by a combined 125 basis points at its latest two meetings. Chair Jerome Powell has said the central bank may hike by either 50 basis points or 75 basis points at its July gathering.
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