Lira plunge highlights EM currencies’ plight

PARIS: Much of the Turkish lira’s plight may be homegrown, but it shares some key vulnerabilities with other emerging countries whose currencies are now also plunging as fear of contagion spreads, analysts say.

South Africa, Argentina, Mexico, Brazil and Russia have all seen their currencies slip over the past week because, like Turkey, they remain heavily dependent on foreign capital, especially the dollar.