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RIO DE JANEIRO, BRAZIL - The performance gap between emerging market currencies and their developed peers has blown out to its widest level in more than a decade as falling interest rates, an uncertain economic outlook and sizeable outflows curb investor appetite.

A group of 10 major emerging currencies - including the Brazilian real, Chinese yuan and the Turkish lira - have underperformed developed market currencies by nearly 14 percent this year, according to Nordea Research.

That is in stark contrast to the aftermath of the 2008/09 global financial crisis when the same basket of currencies gained as much as 25 percent . . .

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