Most Emerging Currencies Slump as Iran War Escalates, Oil Surges

Most emerging-market currencies fell for a fourth day on Thursday as the Middle East conflict rages on, with little signs of easing, sending oil prices soaring.

The Chilean peso and the South African rand were the top laggards, while the Indian rupee was among the few outliers defying the downward trend thanks to the intervention of the country’s central bank. An index tracking developing-world currencies dropped as much as 0.3% before reversing losses by the end of the session. Crude prices topped $81 a barrel to the highest since July 2024 before paring gains.