Emerging foreign currencies have experienced a rallying comeback at the start of the New Year, as investors look towards riskier markets for bigger gains, it has been reported by the Financial Times.The Mexican peso, Brazilian real and Indian rupee have all gained more the five per cent against the US dollar, in contrast to the euro, the yen and the pound, that have all risen by less that 1.5 per cent. The 15 main emerging market currencies have risen more this month than any other first month of the century, chiefly because of last year’s deep price declines.The steep increase has still not managed to recuperate the losses sustained at the end of last year, as eurozone break-up talks pushed investors towards more secure currencies.A similar lack of confidence hit emerging currencies earlier this week, as the Greece debt problem ensued. Many believe that Portugal could be heading the same way as Greece, which fuels low confidence and forces investors to retreat back to the US dollar.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site