| Abundant external risks and defensive posture among investors could prevent the 2012 turnaround for emerging-market currencies that some investors are hoping for.
Currencies from developing economies got hammered in 2011, as the euro-zone crisis intensified and economic data verified concerns about slowing global growth. The Indian rupee has fallen 18% against the dollar, while the South African rand dove 27% against the U.S. currency, according to CQG. Even investor favorites like the Brazilian real and the offshore Chinese yuan were not immune to severe bouts of risk aversion...............................................Full Article: Source
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