The rising dollar is a big problem for the massive amount of dollar denominated debt held outside of the US. And this trend could very well be the trigger for the next global financial crisis.
The Biggest Consequence of a Rising Dollar
Low interest rates in the US have led to an explosion of borrowing in dollars around the world—especially in emerging markets.
Data from the Bank of International Settlements show that there is over $9.7 trillion in dollar denominated debt held outside of the US—up from $5.6 trillion at the end of 2008.

Much of that rapid growth in debt occurred in emerging markets.
Companies and governments in emerging markets have borrowed in dollars because of the ultra low interest rates available, but they earn the money to pay back those loans in local currencies.
It doesn’t matter how profitable a business is if the local currency is falling relative to the US dollar. It becomes more expensive to repay the loan with every uptick in the dollar and sinks the company further into debt.