'Getting the dollar wrong is deadly': A rapid rise in the dollar could cause a domino effect across emerging markets

Christian Charisius/Reuters

• The US dollar has already been rallying this year, which puts emerging markets with dollar-denominated debt in a hard position.
• A currency crisis in Turkey could lead to a "rapid appreciation," analysts warn.
• Follow the dollar in real time here.

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A rallying US dollar has been clobbering emerging market currencies this year, and analysts warn it could soon appreciate further and faster.

"The dollar right now is a flat-track bully, really," Deutsche Bank macro strategist Alan Ruskin said Wednesday on CNBC. "It's just knocking over every weak currency it can find."

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• Turkey's central bank promises 'all necessary measures' to save its financial system amid lira collapse
• Fallout from the Turkish lira's meltdown is starting to spread to markets around the world

SEE ALSO: The lira surged 7% after Turkey hit back at US 'attacks' by slapping American cars, alcohol, and tobacco with huge tariffs

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