Emerging markets currencies took it on the chin Monday as commodity prices and China's devaluation continued to wreak havoc around the world, with one analyst telling CNBC that the selling would only intensify.
The Russian rouble was around 1 percent lower against the dollar and managed to hit a six-month low, before regaining some ground. The Turkish lira also fell sharply and hit a fresh record low of 2.847 against the U.S. dollar. The Israeli shekel also saw significant weakness as did Asian currencies overnight like the Thai baht and the Malaysian ringgit.
Luis Costa, the head of CEEMEA FX and rates strategy at Citi, told CNBC via email that he believes there is a now a "concerted move" in emerging market foreign exchange and predicted that it will have more room to run.
"Our flow monitors show very clearly investors corrected very sharply their complacent USD-EM positions," he added in a note on Monday.