An index of emerging-market currencies fell the most since March after President Donald Trump claimed victory in the US election and said he would petition the Supreme Court to intervene, raising the stakes in a vote that was already too close to call.

The benchmark MSCI gauge declined as much as 0.8%, with the Mexican peso tumbling 3% and South Africa’s rand down 2%. The offshore yuan, a key barometer of US-China relations, weakened 0.7% after gaining earlier amid speculation Democratic nominee Joe Biden would emerge victorious.

The ruble bucked the trend, strengthening as much as 0.6%, though it pared the advance as oil prices reversed gains in the wake of Trump’s statement.

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