Portfolio flows into emerging markets slowed sharply in August to $2.2 billion from $13.7 billion in July, the Institute of International Finance said.

The selloff partly reflects a broader malaise in emerging markets. U.S. interest rate increases and a stronger dollar have lured cash back to America, often at the expense of developing economies. Some countries have come under additional pressure because of U.S. tariffs or sanctions, while economic turmoil in Turkey and Argentina have further fueled investors’ concerns.