Investors hoisted a for-sale sign over emerging markets assets on Wednesday, with an index of major developing nations’ currencies dropping by the most in a month after the US Federal Reserve raised interest rates and signalled that more are on the way next year.

The JPMorgan emerging markets currency index fell by as much as 1.1 per cent, extending its decline to more than 4 per cent since Donald Trump’s surprise election victory.

It is the gauge’s biggest drop in a month, underscoring how higher US rates and the stronger dollar are making EM assets less appealing for investors. The Brazilian real and the Mexican peso dropped 1.1 per cent and 1 per cent respectively. Asian currencies are also expected to log losses when trading opens across the Pacific in a few hours.