(June 27): Asian currencies slumped to their weakest in more than 19 months, as traders grappled with the prospect of higher-for-longer US interest rates and the resurgent dollar.
The Bloomberg Asia Dollar Index fell 0.1% on Thursday to the lowest since late 2022.
Asian currencies are some of the world’s worst performers, weighed by the stronger greenback and a drop in China’s yuan, amid sluggishness in the world’s second-largest economy. The Bloomberg gauge has fallen more than 3% so far in 2024.
Central banks in the region are growing more vigilant about currency gyrations. India, Vietnam and Indonesia have all intervened in markets to stem a slide in their currencies.
Meanwhile, the spotlight is back to what Japanese authorities will do next, as the yen plunges through milestone levels in rapid succession.
Uploaded by Surin Murugiah
