A clobbering for South Africa's, Mexico's and even India's heavyweight markets in recent days has proved without doubt that politics can still deliver an unexpected uppercut in big emerging economies.

Mexico's peso and South Africa's rand were both still sliding on Tuesday following their respective election surprises, while the likelihood that Narendra Modi hadn't scored a landslide win in India's marathon elections sent its equity markets sprawling.

The peso fell 1.5% to just shy of 18 to the U.S. dollar at one point as traders continued to fret about the ramifications of the resounding win for the Claudia Sheinbaum-led MORENA party and its allies in Sunday's Mexican election.