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The Reserve Bank of India surprised markets with a rate increase Tuesday and reports indicate that Turkey’s central bank will jack rates higher by as much as 2 per cent at an emergency meeting scheduled for Wednesday.

India and Turkey are unwilling members of what Morgan Stanley dubbed the “Fragile Five” – countries where a toxic combination of slow growth, high inflation and large current-account deficits puts the currencies at risk for a severe downdraft. The remaining members are Brazil, Indonesia and South Africa.

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