Video Duration 02 minutes 40 seconds

Turkey’s currency crisis spreads globally

Indian rupee hit an all-time low against the US dollar, as the South African rand and the Argentinian peso also saw big drops in recent days.

The crisis in Turkey is spreading to other emerging markets – like India, Argentina and South Africa.

On Tuesday, the Indian rupee hit an all-time low against the US dollar.

The South African rand and the Argentinian peso have also seen big drops in recent days.

Many fear the crisis in Turkey could damage the global financial system.

Al Jazeera’s Shihab Rattansi reports.