India, May 12 -- Asian currencies are facing renewed pressure as rising crude oil prices and uncertainty around the Iran conflict continue to shake financial markets. The Indian rupee, Indonesian rupiah and Philippine peso have emerged among the weakest-performing currencies in the region as investors worry about inflation, slowing growth and rising import costs.

The Indian rupee touched a fresh record low against the US dollar on Tuesday after crude oil prices remained elevated due to tensions in the Middle East. Analysts say the prolonged energy shock is hurting oil-importing economies across Asia and increasing fears of wider economic stress.

Why Are Asian Currencies Falling Amid the Oil Shock?

Asian currencies have weakened sharply...