Published
The battle over the Strait of Hormuz is triggering a new economic shock in Asia.
As oil prices rise and investors flee to the safety of the US dollar or gold, currencies are weakening across the continent.
The Indian rupee and Philippine peso have fallen to record lows.
Indonesia's rupiah is now weaker than it was at the depths of the Asian financial crisis.
From Japan to South Korea, central banks have burned billions of dollars trying to slow the slide.
For economies that rely heavily on imported energy, a weaker currency means higher costs, from fuel to food.
#asia #economy #india #china #southkorea #philippines #iranwar #straitofhormuz #indonesia #rupee #peso #costofliving #business #markets #aljazeeraenglish
As oil prices rise and investors flee to the safety of the US dollar or gold, currencies are weakening across the continent.
The Indian rupee and Philippine peso have fallen to record lows.
Indonesia's rupiah is now weaker than it was at the depths of the Asian financial crisis.
From Japan to South Korea, central banks have burned billions of dollars trying to slow the slide.
For economies that rely heavily on imported energy, a weaker currency means higher costs, from fuel to food.
#asia #economy #india #china #southkorea #philippines #iranwar #straitofhormuz #indonesia #rupee #peso #costofliving #business #markets #aljazeeraenglish
- Category
- Breaking World News
- Tags
- Business and Economy, Israel-Iran conflict, Oil and Gas
Sign in or sign up to post comments.
Be the first to comment
Up Next
Autoplay
-
Indonesian currency slides: Inflation makes it harder for people to afford food
-
'IT'S NOT CRAZY': California faces UPROAR over slow vote-counting
-
The CIA ran a secret war from this airbase | Meanwhile in Asia
-
Why is CA counting election votes so slowly? CNN finds out
-
Gold is now the top reserve asset. Is dollar dominance at risk? | Counting the Cost
-
'We are facing a genuine crisis in medicine'
-
Iran conflict: Why has oil stayed near $100 a barrel? | Counting the Cost
-
Mexico facing missing persons crisis ahead of World Cup
-
California ballots STILL ARRIVING as counting drags on
-
Why is Afghanistan facing a humanitarian crisis? | Global News Podcast
-
Was Scotland built to go viral? | In Case You Missed It
-
Israel bulldozes Palestinian homes in East Jerusalem | BBC News
-
Where's the World Cup buzz in Atlanta? #US #BBCNews
-
Two men sentenced to death over Bangkok shrine bombing. #Bangkok #BBCNews
-
Thai Princess Bajrakitiyabha dies after more than three years in coma. #Thailand #BBCNews
-
Trump vowed to hit Iran 'very hard', but later said the strikes were 'cancelled'. #BBCNews
-
Police investigate '8647' written in grass on US national mall. #US #DonaldTrump #BBCNews
-
Artist David Hockney dies aged 88 | BBC News
-
Al Carns has criticised the government's plans for defence spending. #BBCNews
-
Israel bulldozes Palestinian homes in East Jerusalem. #Israel #Jerusalem #EastJerusalem #BBCNews
