Sell-offs hurt emerging currencies

Currencies in the emerging markets were generally down in relation to the US dollar on Tuesday. The Turkish lira hit a three-year low against the greenback as it declined by 2.8 percent to TL1.5962. The New Zealand dollar dropped 1 percent to the greenback, to $0.6223, while the Indonesian rupiah declined 0.8 percent to Rp9,485 to the dollar and the South Korean won lost 0.5 percent to Won961.3.

Declining metals prices caused some currencies to decline. The Chilean peso was 0.6 percent lower at 546 pesos to the dollar on falling copper prices, while lower gold prices sent the South African rand down 1.1 percent to R6.825.

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