Asian Currencies in Longest Weekly Declining Streak in Six Years
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Asian currencies dropped for a sixth week, the longest declining streak since 2008, as economic data boosted demand for the dollar and supported the case for higher U.S. interest rates.
Malaysia’s ringgit led losses, falling to a five-year low today, as plummeting crude prices threatened the oil exporter’s growth outlook. Indonesia’s rupiah touched a six-year low yesterday and South Korea’s won fell to the lowest level in 15 months earlier in the week as the Federal Reserve’s Beige Book business survey released Dec. 3 showed “widespread” job gains across the world’s largest economy.