Emerging Markets assets down on recession fears; Sri Lankan bonds fall as president resigns

REUTERS: A gauge of emerging market currencies declined on Monday as the dollar surged to a 24-year-high on fears of a global recession, while Sri Lankan bonds dropped to record lows after the country’s president and prime minister offered to resign following violent protests.

Prolonged instability in the island country may delay progress on negotiations with the International Monetary Fund for a bailout package, Sri Lanka’s central bank governor told Reuters.