If the bout of volatility that hit the exchange rates of two of emerging Asia's largest economies in 2013 – India and Indonesia – was born in the USA, the short-term spike of volatility that hit both currencies in the second quarter of 2013 had its origins much closer to home.
Narendra Modi's election as India prime minister in May and Joko Widodo's ascent to the Indonesian presidency two months later were both presaged by an increase in currency volatility. According to Bloomberg, one-month
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