From Argentina's peso to the Turkish lira, the currencies of emerging markets are taking a battering. Many Turkish companies have sought to lower their borrowing costs in recent years by taking out loans in foreign currencies. Nearly 70% of Argentine government debt is in foreign currencies, according to Moody's. IndiaIndia's rupee hit a new record low against the dollar on Friday as part of the broader emerging market sell-off. Other factors weighing on the currency are the global trade war and the US Federal Reserve raising rates, which makes assets priced in the rupee and other emerging market currencies less attractive.

Source: CNN August 31, 2018 11:03 UTC