Emerging countries' currencies hit record highs

With expectations of steady economic growth and looser monetary policy in the United States, emerging market currencies have gained against the dollar, pushing MSCI's index of currencies to a record high.

MSCI's index of international emerging market currencies rose 0.6 percent to a record high as the dollar weakened 0.3 percent against a basket of other currencies.

This Friday, the speech to be given by US Federal Reserve (Fed) Chairman Jerome Powell in Jackson Hole will be on investors' agenda. Powell is expected to accept the arguments for lowering borrowing costs.

The index of emerging market stocks is up 0.7 percent today after rising 3 percent last week.

This week, interest rate decisions of the central banks of Indonesia, Thailand, South Korea and Türkiye will be announced.

The South African rand rose 0.4 percent ahead of inflation figures expected on Wednesday, continuing a nine-day rally.

While the ruble stabilized with a 0.1 percent increase against the dollar, the ruble's losses since Ukraine launched its attack on the Russian city of Kursk are over 4 percent.

The euro gained 0.2 percent against the Polish zloty and was flat against the Czech crown.

The Israeli shekel lost 1.4 percent against the dollar after four straight sessions of gains. The Israeli economy grew 1.2 percent in the second quarter, according to data released yesterday, but fell short of a Reuters poll forecast of 4.4 percent second-quarter growth.