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Emerging-Market Currencies Extend Selloff

Longest selloff since 2000 continues, as investors prepare for U.S. rate increases and worry about Chinese yuan.

By Natasha Doff and Elena Popina, Bloomberg | Updated on August 17, 2015

Emerging-market currencies fell, extending the longest stretch of weekly declines since 2000, as Malaysian assets tumbled, Turkey’s lira touched a record low for a third day, and the ruble and Russian stocks retreated amid a slump in oil.

A gauge tracking 20 of the most-traded developing-nation currencies dropped 0.3 percent, with the ringgit weakening to the lowest level since 1998 and Thailand’s baht slumping as an explosion struck Bangkok’s central shopping district. The currency measure has fallen for eight straight weeks as the prospect of higher U.S. interest rates and the shock devaluation of the yuan magnified risks. The MSCI Emerging Markets Index of stocks retreated 1.1 percent to 854.41 at 11:30 a.m. in New York.

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