Malaysian, Thai economies suffer as currencies slide
Currencies of Southeast Asian countries are trading near their lows for the year against the surging USD, with the MYR of Malaysia and THB of Thailand leading the decline, as governments and businesses in the region worry about the economic impact of the depreciation., according to Nikkei Asia.
Currencies in Southeast Asia have trended lower against the dollar in recent months due to tepid regional economic growth and interest rate gaps with the U.S (Photo: asia.nikkei.com)
Hanoi (VNA) – Currencies of SoutheastAsian countries are trading near their lows for the year against the surging USD,with the MYR of Malaysia and THB of Thailand leading the decline, as governments and busine🦩sses in theregion worry about the economic impact of the depreciation., according to Nikkei Asia.
The cheaper currencies are bringing higher importcosts. Regional exporters, on the other hand, are struggling to take advantageof the slide, as uncertainties prevail in big markets, especially China. While a weaker currency generally benefits exportersand tourism, a sustained fall risks triggering capital outflows. The recentuptick in oil prices has also raised fears of faster inflation. Nikkei Asia quoted market strategist at Saxo Marketsin Singapore Charu Chanana’ saying as a combination of a higher dollar, aweaker Chinese economy and higher oil prices have become a dangerous cocktail formost of the ASEAN economies. The MYR and the THB are the worst performers inSoutheast Asia this year against the USD falling 6.9% and 4.4%, respectively,through October 13. The VND of Vietnam is down 3.4%, while IDR of Indonesia and SGD of Singapore have held uprelatively well against the greenback, slipping 2.1% and 0.7%, respectively. The broad depreciation comes on the back of strong USeconomic and wage growth that has pushed Treasury yields and the dollar higher.The resilient US economy has led some investors to conclude the Federal Reservewill keep interest rates higher for longer to fight inflation. Higher interest rates in the US attract investorsseeking better returns, encouraging capital outflows from Southeast Asia andweakening regional currencies. In particular, the MYR hit a 10-month low of 4.729against the dollar on October 4./.
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Currencies in Southeast Asia have trended lower against the dollar in recent months due to tepid regional economic growth and interest rate gaps with the U.S (Photo: asia.nikkei.com) 
