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Oil Holds the Key as Asian Currency Rally Reaches Crossroads

  • Main producers meet this month to decide whether to keep curbs
  • India, Philippines will be worst hit by higher oil: Schroder
Updated on

Emerging Asian currencies have bounced back over the past two weeks as oil prices have fallen. Their recovery will face a crucial test when the world’s major crude producers meet in Vienna later this month.

Energy exporters gather in the Austrian capital on June 22 to decide whether to maintain output curbs that propelled oil to a three-year high last month, or follow a proposal for reviving production discussed by Saudi Arabia and Russia. Indonesia’s rupiah and India’s rupee have both rallied about 2 percent since the day before the Saudi-Russian talks on May 25.