Following a week after China’s first major currency devaluation in over two decades, which rattled global markets throughout the week, as emerging market currencies where hit the hardest, and thus drove currencies in Colombia and Turkey to new record lows. Let us take a look at the biggest losers in the emerging markets from the ordeal:
Malaysia’s ringgit and Indonesia’s rupiah tumbled the most since 1998, during the Asian Financial Crisis.
Colombia’s peso fell to a record low and South Africa’s rand fell to the lowest since 2001.
In Turkey, the lira weakened to a record low …for the fourth consecutive day.