Emerging markets struggled for direction in thin pre-holiday trade yesterday, though a pause in the dollar and higher oil prices helped Russia’s rouble to hit a one-week high.
MSCI’s emerging market stock index eased 0.3%, with gains in Russia, Poland and some Asian bourses but seeing losses in Asian heavyweights Taiwan and South Korea. Still reeling from the prospect of higher US interest rates following last week’s Federal Reserve meeting, South Korea’s won and the Thai baht hit multi-month lows against the dollar.
The weakening came despite a South Korean official in charge of foreign exchange markets cautioning traders about pushing the …read more
Source: Gulf times
