Emerging-Market Decline Leads to 5 1/2-Year Low on Fed
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It’s back. The rout that gripped emerging-market currencies last year is now sending exchange rates to their weakest levels since 2009.
An index of 20 major developing-nation exchange rates fell today to a 5 1/2-year low. Options betting on a drop in the “fragile five,” or those currencies vulnerable to capital flight such as South Africa’s rand and Turkey’s lira, cost the most in seven months.