Asian currencies continue to fall this week. On Monday morning several Asian currencies were down, Malaysian ringgit has been down since 1998 and is currently down by 11.6%, annually. Moreover, the Japanese yen fell to a 24-year low and is now trading at 144.7700 yen against a dollar.
Moreover, as the global economy prepares to face an upcoming recession, the dollar index remained close to its 20-year peak trading at 112.17.
On the other hand, the risk-sensitive currencies, the Australian dollar, and the New Zealand dollar hiked up slightly. The Australian dollar was up by 0.6% while the New Zealand dollar went up by 0.8%. Both currencies experienced a hike ahead of the central banks’ rate increase.
In Asian currencies, the Thai baht and the Indonesian rupiah were also down facing losses of 0.6% and 0.3% respectively. Moreover, Asian currencies have taken a hit due to the pressure on Fed Reserves’ interest rate hike continuum.
Moreover, the greatest Asian Economy will show a slow trading week due to the upcoming week-long holiday in China.
In addition to this, the Japanese finance minister Shunichi Suzuki announced interventions to help steady the falling yen.