One of the biggest stories in global markets is the weakness in emerging market currencies.
A factor driving their weakness is believed to be the Federal Reserve, and the likely fact that it will before too long embark on a path to unwind its ultra-aggressive policies, which has served to strengthen the US dollar, while sucking money out of emerging markets.
Equity markets have been quiet, but on the currency front we’re seeing weakness again.
The US Dollar just hit a brand new high against the Indian Rupee.
From XE.com, here’s a look at the US Dollar vs. the rupee over the last week.
Other big, bellwether EM currencies such as the Turkish Lira and the South African Rand are also getting bopped this morning.