The plunge in oil costs has hit many rising market currencies  and their central banks now face a "coverage dilemma" of how you can help their respective economies amid an anticipated slowdown in progress, an analyst mentioned on Monday.

"Central banks throughout rising markets are, on the one hand, dealing with big sell-offs of their currencies; and then again, a slowdown in progress," Cedric Chehab, head of nation threat and international technique at Fitch Options, informed CNBC's "Road Indicators Asia."

"So what do they do? Do they minimize rates of interest to stimulate progress or do they increase rates of interest to help their currencies? I believe a variety of central banks are going to be squeezed by this coverage dilemma now," he added.

Oil costs dived to round $30 per barrel on Monday after the Group of the Petroleum Exporting International locations, or OPEC, failed final week to strike a take care of its allies ...