Emerging-market currencies had their strongest week in 17 years and stocks rallied as prospects for a U.S. interest rate increase in 2015 receded and oil traded around the highest level since late August.
An index tracking 20 developing-nation exchange rates climbed 3.5 percent this week, recovering from its biggest quarterly loss since 2011. Indonesia’s rupiah and Russia’s ruble were the best performers, with gains of at least 7.9 percent against the dollar. An MSCI gauge of emerging-market stocks delivered its best week in almost four years as global funds pumped a net $1.2 billion into shares in Brazil, India, Indonesia, South Korea, Taiwan and Thailand. Brent crude gained 9.4 percent to $52.65 a barrel, boosting shares in oil-exporting nations.
Pacific Investment Management Co., Australia & New Zealand Banking Group Ltd. and Commonwealth Bank of Australia said this week doesn’t mark the start of a turnaround in emerging currencies.
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