The pain of a much stronger dollar can be particularly acute in emerging markets, where businesses and households have ramped up borrowing via dollar loans.

The dollar’s surge echoes a similar jump during the most acute stage of the financial crisis. 

Firms around the world have dumped assets in a bid to raise cash. 

Outside the U.S., firms are in desperate need of the currency to serve a rising tide of dollar loans just as dollar revenues dry up.

MarketWatch 23 March 2020