The Indian rupee on Friday breached 71-mark for the first time and if the fear of experts is anything to go by, the rupee hasn't touched the nadir yet and worst days are ahead. But Indian rupee isn't the only currency gasping for breath in the global economy, other currencies too have been performing badly to such an extent that these countries are now staring at the economic crisis.

Turkey's Lira is one of those currencies and a lot has been written about it. 

Here is the list of currencies which are performing badly against the US dollar at present.

1. Turkish Lira

Since March, Turkey has been facing steep devaluation of its currency Lira against the US dollar. Today, Lira is stationed at 6.457438 against one USD and this value used to be around 3.46 Lira against US dollar if we go by the average of last half a decade.

The big reason for the devaluation of Turkish Lira stems from the fact that Turkey's external debts have soared over last few years, which implies that Turkey borrowed a significant amount of US dollar and Euro denominated debts. The rising inflation rates in the country further plagued the currency as it slowly witnessed depreciation in foreign exchange markets.

2. Argentine Peso

Argentine Peso is the second currency after Turkish Lira, which is really seeing depreciation in value against the US dollar. Today, the Argentine Peso is placed at 38.733610 against a USD. If we see its performance, throughout last year, it was placed at 18 against a USD, but last few months have seen a massive fallout.

Argentina has seen its currency really falling this year-hitting record lows. The Argentian Peso by 45 percent since the start of this year. The investors are dumping Peso as they believe that South America's third-biggest economy will probably default amid slowing economy, soaring inflation rate and crushing debts.  One can imagine the gravity of the situation the IMF had to give  $50 billion of a bailout to Argentina in June this year. 

3. Brazilian Real

The Brazilian currency Brazil Real also hasn't been doing the Samba for a while now. Today, it's stationed at 4.149759 against a USD. The crisis in Turkey and Argentina are perhaps causing a domino effect for Brazil, which in economic terms is called Contagion.

It implies that the investors fear the collapsing currencies and then they avoid investment in similar countries. Due to Contagion effect, the investors avoid emerging markets and look for safer options like the US.

4. South African Rand

South African Rand (ZAR) is another currency which isn't doing well. Today, it's placed at 14.692607 against a USD and for the last few months, it has been seeing devaluation against the USD. In last one month or so, the ZAR has lost considerable value against the USD.

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