Most Asian currencies weaken due to risk-off sentiment

The Foreign Exchange Research and Strategy Team at Maybank stated in a research report, “There is no good news, as Iran and the United States appear to have clashed, casting doubt on the effectiveness of the ongoing four-week ceasefire agreement.” The team further added that, in addition, due to high oil prices putting pressure on the external positions of some net oil-importing countries and their authorities offering limited support, the currencies of these countries are experiencing slight depreciation. According to data from the London Stock Exchange Group, the US dollar rose 0.3% against the rupee to 95.3500 rupees, after earlier reaching a record high of 95.4000 rupees; the US dollar rose 0.35% against the Indonesian rupiah to 17,425 rupiah, after previously reaching a record high of 17,430 rupiah.