The prognosis for emerging markets is not looking good after four straight days of heavy selling in stocks and sharp currency falls that have prompted Turkey and India to step in with supportive steps.
While the volatility, driven by concerns about an unwinding of U.S. monetary stimulus, may not be over yet, nor is it time to hit the emerging-markets panic-button, strategists say.
(Read more: Fed message to markets: Don't fear the taper)
Indeed, markets were slightly calmer on Wednesday with the MSCI emerging markets index down just 0.1 percent and off six-week lows hit the previous day.
The Indian rupee was at 63.31 per dollar, about 1.25 percent above Tuesday's record low, while the Indonesian rupiah pulled back a touch from a four-year trough against the dollar and the Brazilian real held above more than four-year lows hit on Monday.
"Emerging market currencies will sell off further, especially ones that have compromised balance of payments," said Stuart Oakley, managing director for Asian currency trading at Nomura.
"But don't expect these currencies to fall into an abyss, simply because there's still so much money and assets under management among some of the big to medium-sized long-term pension funds, and their allocation to emerging markets is still quite small."
According to money manager BlackRock, emerging markets account for roughly 51 percent of the world's gross domestic product (GDP), but market capitalization represented by emerging markets is just over 10 percent, suggesting the fall-out from the market rout could be limited.
"I don't think the sell-off has become disorderly in the way that it was during [the] 1997-1998 [Asian financial crisis]," Nizam Idris, head of fixed income and currency strategy at Macquarie Bank in Singapore told CNBC Asia's "Squawk Box" on Wednesday.