Via Moody’s:
The U.S. economy and financial markets have been pulling away from the rest of the world. Of special importance is the lagging performance of emerging market economies, which, not too long ago, had been the primary driver of world economic growth. The combination of higher U.S. interest rates and the relatively stronger performance of the U.S. economy has triggered a notable and potentially destabilizing appreciation of the dollar versus a host of emerging market currencies.
Excluding the collapse of Venezuela’s currency, other noteworthy appreciations by the dollar since yearend 2008 include the dollar’s 102% surge against Argentina’s peso, the 74% advance in terms of Turkish lira, the 25% climb versus Brazil’s real, the 24% ascent against South Africa’s rand, the 15% increase versus India’s rupee, the 10% climb in terms of Indonesia’s rupiah, and the 11% increase vis-a-vis Pakistan’s rupee.
