For foreign investors in emerging market equities, currency risk has always loomed large. During the 12 months to April 22, according to JPMorgan Asset Management, the impact of exchange rates was negative in 15 out of 18 big emerging markets, neutral in two (China and Peru) and marginally positive only in the Philippines (see charts below).
It turned positive returns for local investors into negative ones for foreigners in nine of the 18, including Brazil, Russia and Poland.
But it is a different picture this year. Exchange rates added to returns in four of the markets between January 1 and April 22 and were neutral in three — with the exceptions of Turkey and Brazil, the impact where negative has been much reduced.
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