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Where to Look for Growth in Emerging-Market Currencies

Turkey's lira and Argentina's peso are the cheapest relative to their underlying values

For value in emerging-market currencies, avoid Asia. Turkey’s lira and Argentina’s peso are the cheapest of the world’s major high-yielders, while India’s rupee is the most expensive, based on real effective exchange-rate data from the Bank for International Settlements. With volatility unlikely to rise sharply in the near term, investors may favor cheaper currencies outside of Asia, said Jitipol Puksamatanan, a strategist at Krung Thai Bank Pcl in Bangkok.

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