Experts say a potential FED interest rate hike and low commodities prices are two major factors dragging down emerging currencies. Some are optimistic about the weak currencies, while others are already feeling the pinch.
"I don't think it's as bad as it's said on TV. Rouble is not depreciating per se, the de facto reason is that the dollar is too strong. So I am not worried," a Russian resident told the press.
"I think it's not good. (refer to the depreciation) Because our wage is not that high, plus it's not on a rise. We have to pay the bills, and inflation is also on a high level. The prices of everything is rising," another said.
The IMF warns that different monetary policies between the US and other economies may further push the dollar up, which will take a toll on other countries. Emerging economies who keep a relatively high proportion of foreign debt, may be facing major challenges.
The fund says, countries like Chile, Hungary, Malaysia, Poland, Turkey and Thailand could be among the first to be affected. Goldman Sachs even expects the currencies in developing countries to dampen in the long term.