Last year Morgan Stanley declared the Brazilian real, the Indonesian rupiah, the South African rand, the Indian rupee, and the Turkish lira as the "Fragile Five."

These were the troubled emerging market currencies under the most pressure against the U.S. dollar. And each of these has a significant current account deficit problem.

Speaking to Business Insider's Joe Weisenthal at Davos, economist Nouriel Roubini said "there is a layer of political uncertainty, with the "Fragile Five" having parliamentary or presidential elections: India, Indonesia, Turkey, Brazil, South Africa."