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'Bad Storm' Hitting Emerging Markets

Why currencies in the developing world are experiencing the worst selloff in five years.

By Ye Xie, Bloomberg, John Detrixhe, Bloomberg | Updated on January 24, 2014

The worst selloff in emerging-market (EM) currencies in five years is beginning to reveal the extent of the fallout from the Federal Reserve’s tapering of monetary stimulus, compounded by political and financial instability.

The Turkish lira plunged to a record and South Africa’s rand fell yesterday to a level weaker than 11 per dollar for the first time since 2008. Argentine policy makers devalued the peso by reducing support in the foreign-exchange market, allowing the currency to drop the most in 12 years to an unprecedented low.

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