20th August 2015
Emerging market currencies were lower on Thursday after dovish minutes from the Federal Reserve’s latest policy meeting showed the bank is worried about global growth and may wait longer before raising interest rates.
Turkey’s lira extended a woeful run to plumb a new record low versus the dollar, while the Kazakh currency dropped by nearly 25 per cent overnight as the country abandoned its peg and switched to a free float.
The Russian ruble fell for a sixth day to reach its weakest in six months as oil prices came under yet more selling pressure.
Malaysia’s ringgit also continued to suffer and remains at a 17-year low against the dollar, which rose to its strongest in more than six years versus the Thai baht.
Investors have reacted nervously to China’s devaluation of the yuan last week, which prompted fears about global growth that are also keeping commodity prices at six-year lows.
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