CHART: The Year-To-Date Move Of Every Emerging Market Currency

The year started with quite a bit of market volatility. Turmoil in the emerging markets was blamed for a 6% sell-off in the S&P 500.

However, markets have recovered dramatically and the S&P 500 is just half a percentage point from its all-time highs. The battered emerging market currencies have come back a bit to. But for the most part, they are still in the red.

"Emerging market currencies have improved following the recent rally in Europe and stateside," noted Oppenheimer's John Stoltzfus in a new note to clients. "The Indonesian rupiah leads the currency basket with a YTD gain of 3%. The Argentine peso remains strained as Argentina's economy continued to face economic and currency headwinds."

Here's a look at the year-to-date performance of every major emerging market currency against the dollar.