Emerging financial markets around the world are reacting to the U.S. Federal Reserve's recent rate hike.
Last week's U.S. rate hike of 75 basis points, the largest in decades, led to many currencies losing their value against the dollar.
"As we all know, the U.S. keeps on hiking the interest rate, U.S. dollar remains strong, and Asian currencies are definitely suffering."
Earlier this month,
India's interest rate rose point-five percentage points to 4.9 percent.
Citing the minutes of the Monetary Policy Committee's meeting, Bloomberg reported that India is likely to raise interest rates two more times this year.
The Philippines' central bank on Thursday also raised
the key interest rate by 25 basis points to 2.5 percent, while mentioning another rate increase in August is possible.
Latin American countries are on the same track.
Mexico on Thursday increased its benchmark interest rate by a record 75 basis points to 7.seven-five percent.
The Bank of Mexico said that it could raise them even further to tame inflation which has surged to over 7.8 percent - double its original target.
Argentina also raised its interest rate last week for the sixth time this year to 52 percent.
That's up 3 percentage points from the previous mark, but the door's open to an additional raise, as the government struggles to cool inflation expectations.
Developed countries in Europe, meanwhile, are not an exception.
UK interest rates rose further last week from 1 percent to 1.two-five percent as the Bank of England attempts to stem the pace of soaring consumer prices.
The European Central Bank earlier this week reiterated its intention to raise interest rates in July and September.
Meanwhile, there's a possibility that South Korea could also increase interest rates in the coming months, as currency volatility remains.
Lee Rae-hyun, Arirang News.