Investors Rebel as EM Rate Jumps Fail to Buoy Curencies

Investors beating a retreat from emerging markets tested the resolve of central banks fighting to protect their economies from sliding exchange rates.

The Turkish lira swung between gains and losses and South Africa’s rand touched its lowest level in more than five years against the dollar after policy makers raised interest rates higher than predicted by economists. Russia’s ruble tumbled to a record, Brazil’s real slid to the weakest since August and Hungary’s forint tumbled the most in more than 18 months.