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04

Emerging-Market Contagion Fears Deepen; Rupiah in Cross-Hairs

By Tony Seruga

No sign of an end yet; Morgan Stanley says short EM currencies
South Africa enters into a recession, Argentina deteriorates

Asian investors braced for another challenging day Wednesday as turmoil in emerging markets deepened, with Indonesia’s rupiah in focus after it tumbled to the weakest against the dollar since the Asian financial crisis.

The rupiah, one of Asia’s more vulnerable currencies thanks to Indonesia’s reliance on overseas financing, is approaching 15,000 per dollar, while India’s rupee — another exchange rate beset by current-account deficit worries — is fixed for a record-low open. A negative tone was set by news Tuesday that South Africa’s economy had slumped into recession, coming a day after Turkey reported a surge in inflation…

Emerging-Market Contagion Fears Deepen; Rupiah in Cross-Hairs

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