The iShares MSCI Emerging Markets Index exchange-traded fund fell to a five-month low as an increase in interest rates from Turkey to South Africa failed to prop up currencies. Russia’s ruble slumped to a record low.

The emerging-market ETF fell 0.9% to $37.98 at 12:34 p.m. in New York. The MSCI Emerging Markets Index added 0.4% to 937.58. The Borsa Istanbul 100 Index led losses among 94 world gauges tracked by Bloomberg. Turkey’s lira slid as much as 3%, while South Africa’s rand declined to a record against the euro and the ruble sank 1.2% against Bank Rossii’s target dollar-euro basket. Brazil’s Ibovespa dropped on concern a weaker real will cause inflation to accelerate.

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