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Markets' nervousness over emerging markets is proving hard to be cured as currencies kept plunging despite US Federal Reserve kept rates on hold.
Situation is worst for Brazil, whose currency has taken a dive to new record low against Dollar, passing key level of 4 per Dollar. Last time Real was this low, was back in 2002, when tensions over Argentina's debt default led to plunge in Real, as country had lower reserve and high debt.
Commodity driven boom since then led to burst in 2015 as years of double digit growth in China has come to single and likely to slow further.
With years of Chinese gluttony of commodities, most of the countries and commodity producers have built excess supply and those investments are clearly at risk as China slows down.
Brazilian Real is currently trading at 4.025 against Dollar, down for third consecutive month. 3 month average movement has reached 8.5%, highest level since 2008/09 crisis.
However Brazilian Real is not the only one licking dust today.
- South African Rand is down -1.63% today so far.
- Chilean Peso is down -1.23%.
- Turkish Lira is down -1.1% so far today.
- Mexican Peso is down -1% against Dollar.
- Malaysian Ringgit is down -1% against Dollar, so far today.
- Indonesian Rupiah is down -0.9%.
- South Korean Won is down -0.63%.
- Singapore Dollar is down -0.61%
- Indian Rupee is down -0.33% so far today.
