Is Asia Facing a New Currency Crisis?

Jun 06, 2026 | News On Japan

TOKYO - The battle over the Strait of Hormuz is triggering a new economic shock across Asia, with rising oil prices and a flight to safe-haven assets such as the US dollar and gold weakening currencies throughout the region.

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.

Source: Al Jazeera English

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