Emerging Markets Rally After Fed Minutes Allay Rate-Pace Concern
- Fed minutes signal slow pace in raising U.S. borrowing costs
- Russia's ruble weakens for the first time in four days
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Emerging-market stocks climbed the most in a month and currencies from South Korea to Brazil strengthened as Federal Reserve minutes signaled policy makers backed a gradual pace of interest-rate increases.
Shares in India rebounded from a two-month low, Russian stocks made a fourth straight gain and equities in Dubai ended their worst run of weekly losses since September amid speculation the liftoff in U.S. rates won’t spur a selloff in riskier assets. South Korea’s won climbed the most in a month, while Mexico’s peso and Turkey’s lira jumped to a two-week high.