A strengthening US dollar intensified the pressure on currencies in Asia with Hong Kong’s Monetary Authority forced to once more defend its longstanding currency peg, while Indonesia’s rupiah touched its lowest level in nearly three years.
Emerging market currencies across the board have been sliding for the past month as the dollar has been bolstered by signs of stronger US growth and higher interest rates. While Argentina and Turkey have led the EM sell-off, signs of pressure have been apparent in Asia.
The HKMA’s intervention on Wednesday, using its reserves to sell US$200m and buy HK$1.57bn, marked the 14th time that it has stepped in to prop up the persistently weak local currency in the past month.
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