Bengaluru — Emerging-market currencies slipped on Friday as investors assessed implications of the US Federal Reserve’s neutral message, while stocks were headed for their second weekly drop in a row amid thin holiday trade in Asia. MSCI’s index for emerging-market currencies slipped for a second straight session as the dollar stayed broadly firm with the focus on the Turkish lira which edged closer to near seven-month lows. Turkey’s inflation came in slightly lower than expected for March although annual inflation eased from a 15-year peak of above 25% in October. “The data shows impact of very depressed domestic demand conditions,” said Timothy Ash at Blue Bay Asset Management. “Some will also focus on the continued maintenance of price controls and question how accurate or realistic these inflation numbers are now.” Later in the day all eyes will be on a Fitch rating for the recession-hit country, with markets pricing in a downgrade. The rand was on track to end lower for a third...

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