Heavy selling across emerging market currencies starting late last week caught many investors off guard, but is the market facing a repeat of last year's brutal selloff?
On Friday, the Argentinean peso posted its largest one-day decline in more than a decade, while other emerging market currencies, including the Turkish lira, the South African rand and the Brazilian real, also took a battering.
(Read more: Did the Fed sink the emerging markets?)
The selloff spread to emerging market currencies in Asia on Monday morning, as the Malaysian ringgit hit a fresh four-year low against the dollar, the Philippines peso hovered close to its four-year low and the Indonesian rupiah hit a two-week low against the greenback. Global stock markets also took a hit, leading to a sharp selloff on Wall Street's three major indices on Friday and across Asian equities on Monday morning.
The selloff has proven a stark reminder of the pain emerging market currencies saw last year, when the Federal Reserve's first mention of tapering sent the currencies of countries with large current account deficits, like India and Indonesia, tumbling to historic lows. Analysts told CNBC they expected continued weakness over the coming weeks.