Asian currencies will likely continue weakening for another quarter — if not more, as U.S. interest rates rise, the Economist Intelligence Unit said.
The Japanese yen has dropped nearly 25% against the U.S. dollar in the same period, and the South Korean won has fallen about 18% against the greenback year-to-date.exchange reserves in Asian countries, the EIU said, pointing out that
"Most countries in Asia will continue to intervene intermittently in the foreign exchange market to slow the slide of their currencies. These efforts will help to temper volatility in the markets but are unlikely to stem depreciation in the months ahead as long as the US dollar rally persists," the EIU said.
So far, many countries in the Asia-Pacific region have been cautious about jacking up their interest rates too quickly to allow their economies to recover following the lifting of borders and prevent them from contracting too quickly.
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