Southeast Asian currencies are trading near their year-lows versus a soaring US dollar on Monday.
Malaysian ringgit and Thai baht are leading the devaluation, with governments and companies in the area concerned about the economic implications of the depreciation.
Lower currency values result in greater import expenses. Regional exporters, on the other hand, are failing to capitalize on the drop as uncertainty reigns supreme in major markets, particularly China.
While a lower currency supports exporters and tourists in general, a persistent decline risks sparking capital outflows. The recent increase in oil prices has also fueled concerns about rising inflation.
“The combination of a stronger dollar, a weaker Chinese economy, and rising oil costs has created a deadly cocktail for most ASEAN economies,” according to Nikkei Asia market strategist Charu Chanana of Saxo Markets in Singapore.
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