At $1.6 trn a day, EM currency trading outpaces peers, rupee deals double

In early 2016, emerging-market currencies began a two-year rally that took MSCI Inc.'s gauge to a record as investors sought higher-yielding assets

Currency trading grew at a faster pace in emerging markets than developed nations over the past three years, boosted by an increase in automated buying and selling as well as demand for riskier assets, according to the Bank for International Settlements.

Developing-nation currencies accounted for 23% of trading in the global foreign-exchange market in April, up from 19% in 2016 and 15% in 2013, the Basel, Switzerland-based institution said in its quarterly review. Average daily turnover jumped about 60% between April 2016 and April 2019 to almost $1.6 trillion, according to the BIS, which fosters cooperation between central banks.

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