(Bloomberg) -- The lira sinks to another record, the rupiah trades at its lowest since 2015 and the rupee falls to the weakest in 16 months. Even the Mexican peso, stronger earlier as concern softened about a U.S.-China trade war, gave up its gain.

Not one of the 23 most liquid developing-nation currencies managed to advance against the dollar of as 11:16 a.m. in London. In fact, three weeks into May, the month is already shaping up to be the worst for such currencies since November 2016.

The selloff underscores how emerging markets are bearing the brunt of a global reassessment of the likely impact of rising U.S. interest rates. Ten-year Treasury yields stayed above 3 percent for a sixth day Monday, helping to lift the Bloomberg Dollar Index to its most elevated level since December.

“One of the biggest challenges to deal with is that higher U.S. Treasury yields and a stronger dollar are likely to be bad for emerging markets,” a team of Citigroup Inc. strategists led by Mark Schofield in London, wrote in a research note. “With tighter financial conditions in the U.S. and potential outflows from emerging markets, two of the main drivers of global growth could come under pressure.”

The lira declined the most against the dollar Monday, followed by South Korea’s won. Due to higher debt levels, and a greater portion of which is denominated in foreign currency, means many emerging markets are now more exposed to dollar appreciation than in 2009, Institute of International Finance said last week.

The MSCI Emerging Markets Currency Index was close to trading below its 50-week moving average for the first time since December 2016. If it falls below that level for an extended period, it would be a sign to some analysts the rout will continue. The last time it did this, in September 2014, the index declined 8 percent in three months, and 14 percent in 16 months.

Bonds also suffered, sending the average yield on local-currency debt up 20 basis points, on track for the worst month since 2016.

Here are some notable sizes and scopes across Emerging Markets:

  • Lira weakens to as low as 4.5649 per dollar, a new record
  • Indonesia’s 2028 local-currency bond yield climbs to 7.48 percent, the highest in a year; the rupiah retreated to 14,185 per dollar, the weakest since October 2015
  • Mexico’s peso wiped out gains of as much as 0.3 percent, to trade little changed
  • India’s rupee declines as much as 0.2 percent to 68.1575 per dollar, the lowest since January 2017
  • Hungary’s forint, which has fallen all but two days against the dollar this month, is at the lowest level since July. It’s also at the weakest level against the euro since 2015
  • Yield on Thailand’s 2026 bonds climb to the highest in a year

To contact the reporter on this story: Dana El Baltaji in Dubai at delbaltaji@bloomberg.net

To contact the editors responsible for this story: Justin Carrigan at jcarrigan@bloomberg.net, Justin Carrigan, Dana El Baltaji

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