Fragile Five Swoon Anew as Iraq-Oil Link Gives Pause

After months spent working to erase their image as emerging markets to avoid, the Iraq crisis and its influence on oil prices are putting the fragile five currencies back on investors’ sell lists.

Indonesia’s rupiah, South Africa’s rand, the Indian rupee and Turkey’s lira are the four worst performers of the 31 major currencies tracked by Bloomberg over the past month, while the Brazilian real is little changed after three months of gains. Societe Generale SA and BNP Paribas SA recommend selling the lira, while Citigroup Inc. identifies the rupee and rupiah as the riskiest Asian currencies.