The U.S. dollar’s relentless climb higher is blowing a hole in the finances of developing nations.
Policymakers in these countries are, collectively, burning through the equivalent of more than $2 billion of foreign reserves every weekday in an attempt to prop up their currencies against the dollar. In total this year, they’ve drained reserves — the emergency stash they hold to fend off severe economic crises — by $379 billion.
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