The US Dollar Strengthens in Asia, Japanese Yen Hit Hardest

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Adi Ahdiat 16/04/2024 14:09 WIB

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From the beginning of the year until April 15, 2024, Asian currencies generally weakened against the US dollar. The most significant weakening was seen in the Japanese yen.

Percentage Change in Asian Currency Exchange Rates against the US Dollar (January 1 - April 15, 2024)

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The US Dollar Strengthens in Asia, Japanese Yen Hit Hardest

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Percentage Change in Asian Currency Exchange Rates against the US Dollar (January 1 - April 15, 2024)

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From the beginning of the year to April 15, 2024 (year-to-date/YTD), the exchange rates of Asian currencies generally weakened against the US dollar.

Based on AsianBondsOnline data, the Japanese yen (JPY) was hit hardest, with an 8.58% (YTD) decline in its exchange rate.

Significant weakening also occurred in the Thai baht (THB) and the South Korean won (KRW), whose exchange rates against the US dollar fell in the range of 6% (YTD).

The Malaysian ringgit (MYR), Vietnamese dong (VND), Lao kip (LAK), Singapore dollar (SGD), and Brunei dollar (BND) weakened in the range of 3% (YTD).

Meanwhile, the Indonesian rupiah (IDR) and the Philippine peso (PHP) weakened in the range of 2% (YTD).

The weakening of the Chinese yuan (CNY), Hong Kong dollar (HKD), and Myanmar kyat (MMK) was milder, in the range of 1% (YTD) or less.

Of the 14 Asian currencies included in the AsianBondsOnline database, only one strengthened against the US dollar: the Cambodian riel (KHR), as shown in the graph.

According to the International Monetary Fund (IMF), the strengthening of the US dollar could lead to an economic slowdown in developing countries.

In its July 2023 External Sector Report, the IMF estimated that a 10% increase in the US dollar exchange rate could reduce the total value of goods and services (economic output) in developing countries by 1.9% after one year, with the impact potentially lasting up to 2.5 years.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."