Currencies of several developing countries have strengthened recently amid the escalating crisis in Ukraine, Bloomberg reports.
The Indian rupee and the South African rand showed the strongest rise, they weighted 1.6% against the US dollar.
In general, the index of 20 emerging economies has grown 0.8% from July 17.
Analysts explain that investors began to pull funds out of Russia and invest them in other developing economies from Turkey to Indonesia. From the beginning of the month, the direct investments funds withdrew about $200 million. Since February it has been $348 million.
The Russian ruble has recently weakened against the major currencies. It fell to 35.19 rubles against the US dollar from 34.38 rubles. Only on July 23 the Russian currency started recovering.
