(Bloomberg) —Emerging-market currencies dropped as the lira headed for its biggest five-day loss since the global financial crisis after a support pledge by Turkey’s central bank failed to convince traders.

The MSCI Emerging Markets Currency Index fell for the third time in four sessions and the Turkish lira was the worst-performing currency among major countries for a third consecutive day as  investors said nothing short of higher interest rates will stem its decline, after the Turkish central bank on Tuesday lowered the level of foreign-exchange reserves it requires commercial lenders to hold. A gauge of developing-nation stocks rose.

Currencies

The MSCI Emerging Markets Currency Index fell 0.1 percent at 3:02 p.m. in New York; the gauge rose as much as 0.1 percent and fell by 0.6 percent earlier. Turkey’s lira weakened 2.5 percent to record lows. Mexico’s peso slid 0.5 percent to fresh all-time lows.

Stocks

The MSCI Emerging Markets Index added 0.5 percent, set for a second day of gains. South Korea’s Kospi Index rose 1.5 percent to the highest level since July, leading gains among major peers. Brazil’s Ibovespa Index rose 0.5 percent; Petrobras was among major contributors. Oil prices rose 2.7 percent in New York Argentina’s Merval Index rose for the 11th consecutive day