High Oil Prices Weigh on Indonesian Rupiah and Indian Rupee
Bearish bets on the rupiah and rupee rose as high oil prices pressured importers. The rupiah hit a record low while other Asian currencies saw sentiment improve.
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Indonesia and India face deepening bearish pressure as high crude oil prices punish energy-importing economies. Positioning against the rupiah hit its weakest level since October 2022, while the rupee remains Asia's worst performer this year. High energy costs strain current accounts and limit the capacity for central banks to defend their currencies against the dollar.
