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

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