It’s not just the currencies that have been battered this month among developing economies. An index tracking their equities has lost over 3 percent, while the Bloomberg Barclays index of EM local-currency government notes is down more than 2 percent.
Some analysts say Asia still remains a relative haven given that region’s stronger economic fundamentals.
“At the end of the day, the correlations are not that pronounced and it’s not a monkey see, monkey do kind of reaction for EM Asian currencies,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore.
Argentina’s peso has dropped 29 percent against the dollar this month, the worst performer among major emerging-market currencies tracked by Bloomberg. Turkey’s currency follows closely, with a 25 percent slide. The Thai baht and South Korean won are at the top of the pack, heading for gains of 1.7 percent and 0.5 percent, respectively.
This article provided by Bloomberg News.