AGL 38.00 Increased By ▲ 0.43 (1.14%)
AIRLINK 132.01 Decreased By ▼ -0.49 (-0.37%)
BOP 5.59 Decreased By ▼ -0.05 (-0.89%)
CNERGY 3.80 Increased By ▲ 0.03 (0.8%)
DCL 8.79 Decreased By ▼ -0.08 (-0.9%)
DFML 40.95 Decreased By ▼ -0.05 (-0.12%)
DGKC 88.28 Decreased By ▼ -1.88 (-2.09%)
FCCL 35.20 Increased By ▲ 0.12 (0.34%)
FFBL 66.00 Decreased By ▼ -0.50 (-0.75%)
FFL 10.37 Increased By ▲ 0.22 (2.17%)
HUBC 109.05 Increased By ▲ 2.65 (2.49%)
HUMNL 14.20 Increased By ▲ 0.80 (5.97%)
KEL 4.84 Decreased By ▼ -0.02 (-0.41%)
KOSM 6.81 Decreased By ▼ -0.04 (-0.58%)
MLCF 41.56 Decreased By ▼ -0.24 (-0.57%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 180.99 Decreased By ▼ -0.26 (-0.14%)
PAEL 25.57 Decreased By ▼ -0.13 (-0.51%)
PIBTL 5.89 Increased By ▲ 0.06 (1.03%)
PPL 145.91 Decreased By ▼ -2.49 (-1.68%)
PRL 23.28 Increased By ▲ 0.06 (0.26%)
PTC 15.45 Increased By ▲ 0.21 (1.38%)
SEARL 68.05 Decreased By ▼ -0.74 (-1.08%)
TELE 7.26 Increased By ▲ 0.02 (0.28%)
TOMCL 35.80 Decreased By ▼ -0.20 (-0.56%)
TPLP 7.45 Increased By ▲ 0.05 (0.68%)
TREET 14.15 Decreased By ▼ -0.09 (-0.63%)
TRG 50.64 Decreased By ▼ -0.21 (-0.41%)
UNITY 26.40 No Change ▼ 0.00 (0%)
WTL 1.22 Increased By ▲ 0.01 (0.83%)
BR100 9,764 Decreased By -4.1 (-0.04%)
BR30 29,497 Increased By 97.1 (0.33%)
KSE100 91,936 Decreased By -2.3 (-0%)
KSE30 28,698 Decreased By -45.9 (-0.16%)

Emerging market currencies, including the Russian rouble, South African rand and Turkish lira fell on Tuesday by as much as 2 percent against the dollar in a broad market selloff. The dollar rose 0.35 percent against a basket of currencies. The rouble fell 1.99 percent to its lowest since mid-August, the lira was down 1.5 percent, near the record lows hit in January, the rand and Brazilian real fell 1 percent and the Mexican peso 0.7 percent.
"There is a lot of volatility ... It is a combination of factors which probably include that we are approaching the end of the year," said Cristian Maggio, head of emerging markets strategy at TD Securities. "There is a bit of unwinding going on, a bit of profit taking - the rouble, rand, lira, the Mexican peso ... these are all currencies that have done very well this year."
Analysts at Man Group said emerging currency weakness could also be explained by various idiosyncratic factors, citing NAFTA concerns for the Brazilian real, diplomatic rifts that have hit the lira, and the unravelling of President Jacob Zuma's grasp on power for the rand. "These instances might be unfortunate timing, but, perhaps they could also be the start of something more structural," the analysts said in a note.

Comments

Comments are closed.