According to a report from the Wall Street Journal, "emerging-markets were hit by a fresh bout of investor nerves Friday, with a selloff continuing to bite Europe's previously more resilient currencies".
The Hungarian forint found itself in the eye of the storm, sinking to a fresh two-year low against the euro.
European stocks fell as the mood soured, while Wall Street was expected to open lower.
The Turkish lira and the South African rand came under renewed pressure as a quiet start to the session faded. Both have been hit hard over the past week and surprise rate increases did little to prop up their currencies.
But a fresh group of countries including Hungary, Russia and even economically-robust Poland—which all lack Turkey and South Africa's yawning current account deficits—have stumbled in recent days, and their currencies all fell further Friday.
Hungary has found itself in the firing line following a succession of interest rate cuts. One of the National Bank of Hungary's rate setters said Friday he didn't see a need for an unscheduled meeting to address the recent emerging market turbulence and a weakening forint.
Although some investors say the moves in Europe are unwarranted, many have been forced out by a wave of risk aversion.
"We have been hearing that retail investors are dumping any exposure they have to emerging markets," Mr. analysts said.
Data from EPFR Global on Friday showed investors pulled out of emerging market equity funds at the fastest pace in almost two-and-a-half years in the week to Jan. 29.
Elsewhere in currency markets, a return to record-low inflation in the euro area briefly dented the region's common currency.
The euro briefly sank to its weakest level in 10 days, trading at $1.3518 against the dollar, as expectations mounted that the European Central Bank will have to introduce fresh easing measures to head off the threat of falling prices, before retracing its losses.
Data showed euro-zone consumer prices rose by just 0.7% in the 12 months to January, down from 0.8% in December, and further below the ECB's target of just under 2%.
That data added to the emerging-market gloom weighing on stock markets. The Stoxx Europe 600 was down 1.3% in the middle of the session.
The DAX index lost 1.9%, further hit by an unexpected German retail sales data which fell 2.5% in December. The U.K.'s FTSE 100 was down 1.3%.
