South and south-east Asian currencies are outperforming their developed-nation peers as economic reopening and swift central bank action have helped offset the impact of a stronger US dollar.
Indonesia’s rupiah and Singapore’s dollar — the top performers in the region — have fallen less than half as much as the euro, which is down 11 per cent this year against the US currency.
While the Bank of Japan’s ultra-loose monetary policy has pushed the yen down 17 per cent against the dollar, tightening by India’s central bank has limited the rupee’s drop to less than 7 per cent.
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