Many Asian Currencies Weaken in Early 2026

Entering 2026, many Asian currencies have weakened against the United States (US) dollar.

Out of 14 Asian countries monitored by AsianBondsOnline, currency depreciation occurred in 9 countries.

The Asian country whose currency value fell the most at the beginning of this year was South Korea.

During the period of December 31, 2025—January 12, 2026, the South Korean won's exchange rate against the US dollar fell by 1.61% (year-to-date/ytd).

The Indonesian rupiah's exchange rate also fell quite significantly with a depreciation rate of 0.91% (ytd) until January 12, 2026, making it the 2nd weakest among the 14 Asian countries monitored.

Other Asian countries whose currencies weakened include Japan, the Philippines, Cambodia, Hong Kong, Malaysia, Singapore, and Brunei.

Meanwhile, currency strengthening only occurred in 5 countries: Thailand, China, Vietnam, Myanmar, and Laos.

According to Michael Wan, an analyst from MUFG Research, the depreciation of Asian currencies at the beginning of this year was generally influenced by oil prices and geopolitical turmoil.

"Asian currencies might have been negatively impacted by recent increases in oil prices including developments in both Venezuela and Iran," said Michael Wan in the report Asia FX Talk - Oil Prices Rise on Geopolitical Risks (January 13, 2026).

Below is the complete list of currency value increases/decreases in several Asian countries for the period December 31, 2025—January 12, 2026, ordered from strongest to weakest:

1. Thai Baht: 0.83% (ytd)

2. Chinese Yuan: 0.23% (ytd)

3. Vietnamese Dong: 0.1% (ytd)

4. Myanmar Kyat: 0.08% (ytd)

5. Lao Kip: 0.04% (ytd)

6. Brunei Dollar: -0.03% (ytd)

7. Singapore Dollar: -0.03% (ytd)

8. Malaysian Ringgit: -0.09% (ytd)

9. Hong Kong Dollar: -0.17% (ytd)

10. Cambodian Riel: -0.22% (ytd)

11. Philippine Peso: -0.53% (ytd)

12. Japanese Yen: -0.9% (ytd)

13. Indonesian Rupiah: -0.91% (ytd)

14. South Korean Won: -1.61% (ytd)