Yen Advances as Rally in Emerging-Market Currencies Fades
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The yen gained against all except one of 24 emerging-market currencies as South Africa’s central bank joined Turkey in raising its benchmark interest-rate in moves that failed to reassure investors.
The dollar fluctuated against the euro as the Federal Reserve ends a policy meeting and after a European Central Bank official said euro appreciation runs counter to the bank’s price-stability aim. The rand fell the most since April as policy makers said their actions weren’t aimed at the currency. Russia’s ruble extended its slump to 13 days and Hungary’s forint weakened.