Expectations the Fed will continue on its path of tighter monetary policy are having a harsh effect on emerging economies. Several countries in South America and Asia are seeing a drop in the value of their currencies.
Investors are pulling funds out of emerging economies to buy the dollar. The Argentine peso has weakened by more than 27 percent since the beginning of the year.
The Turkish lira has fallen by about 18 percent and the Brazilian real, by 11 percent.
Looking at Southeast Asia, the Philippine peso has softened against the dollar by about 6 percent and the Indonesian rupiah by more than 2 percent.
Central banks in these countries have been taking action to shore up their currencies.
Argentina's authorities have raised their key interest rate 3 times since late April. It's now at 40 percent.
Turkey's benchmark rate was hiked to 17.75 percent this month.
Indonesia's central bank raised rates twice last month. The Philippines has made similar moves.