FXStreet (Mumbai) – The Emerging markets are witnessing a relief rally on Tuesday after suffering sharp losses in the last few weeks.
The Turkish Lira advanced 0.3% against the USD today, While the Malaysian Ringgit and Indian Rupee gained 0.15 and 0.2% respectively. South African Rand also gained almost 0.5%. However, the Russian Rouble is still down 1%.
USD/RUB above 60.00
The pair rose above 60.00 levels for the first time since March. The Russian currency may have weakened on account of the drop in Crude prices to fresh 4-month lows earlier today. The price of Brent crude is down almost 2% today at USD 52.50, and is down 21% since the start of May.
Emerging market currencies have come under pressure this year on speculation that Fed would raise interest rates sometime in 2015. Furthermore, commodity currencies have also taken a hit on account of a marked slowdown in the Chinese economy.
(Market News Provided by FXstreet)