Emerging market currencies fell to their lowest level in 14 years yesterday, hammered by a strengthening dollar and a falling oil price that is at five-year lows.
The JPMorgan Emerging Market Currency Index, which measures the strength of a variety of developing country exchange rates against the dollar, fell to its lowest level since it began in 2000.
The stronger dollar put further pressure on the price of crude, which dropped 4 per cent yesterday to $65 a barrel, heaping further pain on energy companies and oil-producing countries.
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