Emerging Asia’s Best Currencies Become Worst Amid Virus Woes
- Rupiah sinks as overseas investors sell record amount of bonds
- Baht suffers from tourist slump as Chinese travelers stay home
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The exact same factors that propelled the Indonesian rupiah and Thai baht to the top of the Asian pack in 2019 are dragging them lower now.
The two currencies are the worst performers in emerging Asia this year as Indonesia’s exposure to foreign capital flows and the baht’s dependence on Chinese tourist spending become negatives as the coronavirus fuels a massive retreat from risk.