The recent volatility in global markets looks tame compared with the wild swings in emerging market currencies as investors brace for a possible early-end to the Federal Reserve's hefty monetary stimulus, strategists say.
The Mexican peso has shed about 6 percent over the past three weeks against the U.S. dollar, the Brazilian real has tumbled about 5 percent and the South African rand tumbled 2 percent on Wednesday alone.
The Indian rupee is close to hitting an all-time low against the dollar as fears mount about inflation and the country's trade deficit. The rupee hit 56.8 on Wednesday, edging nearer to the record low of 57.32 it reached on June 22, 2012.
The Turkish lira also fell to its weakest level since early 2012 against the greenback on Tuesday, although the currency has also been undermined by anti-government protests that have taken place in recent days.
(Read More: Turkey's Rulers Show They're No Good With a Crisis)
"Liquidity is disappearing, moves are very brutal, you can lose and win everything in a few minutes," said Sebasatian Galy, senior currency strategist at Societe Generale. "There is a shocking level of volatility in the emerging market space that hasn't reached the G10 [group of 10 developed] yet."