Some of the world’s distressed currencies have started to recover. Others have not. The Turkish lira rebounded by 6 percent on Tuesday after the central bank announced a series of measures to ensure that “all the liquidity banks need” will be provided. The free fall of the Russian ruble and the South African rand has likewise ended, though this month the former is down 9 percent against the dollar while the latter is down 13 percent. The Indian rupee and the Kazakh tenge were not so lucky. Both currencies reached all-time lows against the dollar on Tuesday (the rupee recovered slightly before close of business). The Argentine government had to pledge $500 million on Monday to support the peso, which also reached a record low against the dollar, while the National Bank of Kyrgyzstan has intervened to keep the Kyrgyz currency from falling too far. This is not an exhaustive list but merely the most serious right now. Keep an eye on countries like Chile, Mexico, Indonesia, Malaysia,
Daily Memo: Global Money Problems, Chinese Loans, Afghan Security
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