Asian Currencies Slump to Lowest Since 2022 on Dollar Strength [Yahoo! Finance Canada]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance Canada
(Bloomberg) -- Asian currencies slumped to their weakest in more than 19 months after the dollar strengthened amid the prospect that US interest rates may stay higher for longer. Most Read from Bloomberg The Bloomberg Asia Dollar Index fell 0.1% on Thursday to the lowest level since November 2022. The move came after the Philippine peso and the India rupee closed near record lows the previous day while the South Korean won closed in on the key 1,400 per dollar level. ADVERTISEMENT The resurgent dollar is wrecking havoc in Asia this year, putting pressure on central banks to step up the defense of their currencies. Traders are watching for authorities to intervene in Japan while policymakers in India, Vietnam and Indonesia have all stepped into the market. “The high-for-longer US rates environment is undermining recovery hopes for Asia currencies,” said Christopher Wong, FX strategist at Oversea-Chinese Banking Corp. in Singapore. “And now woes are piling on following the re
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