Rees added that the Columbia was also vulnerable to further volatility.
"As evidenced in recent days, EMs that rely on short-term capital inflows to fund current account deficits will remain the most vulnerable to market volatility. Brazil, Turkey and Colombia stand out as the markets that are most likely to experience the most turbulence," he said.
Traders looking for opportunities in the space have been restrained by ongoing market weakness, said the head of CEEMA FX and rates strategy at Citi, Luis Costa. He is shorting (betting on further weakening) the ruble against the U.S. dollar and the Turkish Lira against the euro and the dollar.
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Costa said he usually tried to offset the cost of holding emerging market currency positions against the dollar with "long" positions—but in emerging markets these are now tough to come by.
"In general in emerging foreign exchange, it is very difficult to find solid longs because the asset class has been challenged by commodities, by the Fed, by the debasement of euro rates, so we have everything coming together - China is exporting deflation to the rest of EM, so it is a very challenging environment for foreign exchange in general," he said.