Asian currencies came under renewed pressure as the Indonesian rupiah plunged to a record low, driven by rising oil prices and ongoing global market uncertainty.

Analysts

The Indian rupee inched higher on Friday, supported by gains across Asian currencies and increased interbank dollar offers, as exporters stepped up hedging activity.

Asian currencies hit their lowest level against the dollar in nearly 20 years, while equity markets showed mixed results. Strong performances in Taiwan and South Korea, driven by gains in technology firms like SK Hynix Inc., were offset by declines in Japanese stocks.

Analysts turned bearish on most Asian currencies, with short bets on the Indian rupee at a one-year high, as expectations the Federal Reserve would cut rates less aggressively strengthened the dollar and took the shine off riskier Asian assets, News.Az reports citing Investing.