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Emerging market currencies buckle

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Emerging markets faced intense pressure on Thursday after the US Federal Reserve cut its stimulus further, with currencies sliding in India, South Africa and Turkey despite interest rate rises. 

A stall at a market in Srinagar on August 28, 2013 sells wedding garlands made from Indian rupee notes

Asian shares fell heavily and European stocks also retreated, extending a global rout driven by worries about emerging markets.

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