Most emerging Asian currencies weakened on Thursday as hotter-than-expected US inflation data heightened expectations of another Federal Reserve interest rate hike, triggering a global sell-off in artificial intelligence-linked stocks amid concerns over rising borrowing costs.
MSCI's broad emerging-market currency index fell 0.3% in Asian trading, recovering slightly after an earlier decline of 0.4%. The MSCI emerging Asia equities index, heavily weighted towards South Korean and Taiwanese stocks, dropped 3.8% to its lowest level since late July.
