Emerging markets: which sovereign debts are most vulnerable to rising global financial volatility?

Resilience of external financing conditions overall. The election of Donald Trump to the White House has caused a rally in the US dollar and revived uncertainties about the external financing conditions of emerging countries. The Argentinean peso, the Turkish lira and the South African rand are among the emerging market currencies that recorded the largest depreciations between November 5^th, 2024, and February 24^th, 2025, losing 6.3%, 5.7% and 5.2% of their value against the US dollar, respectively.