The currencies of most emerging markets weakened considerably against the USD during the week starting on 15 September on the back of major equity and bond selling in these countries. The biggest depreciations were registered by Chile (-3,2 per cent) followed by Brazil (-2,0 per cent) and Iceland (-1,5 per cent).
In the year to date, non-residents have been net sellers of equities to the value of around R52 billion, while net bond sales have totalled almost R17 billion. However it is important to note that these sales do not necessarily translate into actual capital outflows.