The leaders of the BRICS countries - Brazil, Russia, India, China and South Africa - are planning a $100bn (£65bn) fund to protect against financial shocks.
Asian stocks jumped today as India installed a new central bank governor with ambitious plans to stabilise the falling rupee and support the banking sector.
The Indian rupee has plummeted to a record low as the soaring oil price and internal economic problems continue to derail growth.
Emerging market currencies hit fresh lows after minutes from the latest Federal Reserve meeting made the prospect of tapering this year all but a certainty.
Stephane Fertat, portfolio specialist for fixed income at T Rowe Price, has revealed the group's global bond funds have cut exposure to a number of emerging market currencies in recent months.
Asian markets outside Japan fell again as strong growth in the US services sector stoked fears the country will soon begin tapering bond purchases.