Emerging Currencies Weaken as Odds of December Fed Move Increase
- Russian ruble leads losses among developing-nation peers
- Equities end four-day gain as raw-material stocks decline
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Emerging-market currencies fell for a second day as traders became increasingly convinced that the Federal Reserve will raise U.S. interest rates as soon as next month, damping demand for riskier assets as the dollar strengthens.
Russia’s ruble weakened the most, ending a three-day advance as crude prices fell for a second day. A gauge of 20 developing-nation currencies declined 0.1 percent to the lowest level in a week. The MSCI Emerging Markets Index slid 0.5 percent to 864.14 as raw-material stocks slumped the most among 10 industry groups. Stocks in Shanghai entered a bull market as a government rescue effort halted a $5 trillion crash.