Washington/New Delhi, April 23 -- Asian currencies in emerging markets came under renewed pressure as US-Iran second round of talks are in a limbo as the deadline for Tehran to send a peace proposal to the US remains unsettled and persistently high oil prices unsettled the investors.
The Indonesian rupiah dropped sharply to a record low of 17,315 per US dollar, weighed down by elevated energy costs linked to the ongoing Iran conflict. The situation has been particularly challenging for net energy importers across the region, including Indonesia, India, the Philippines, and Thailand, as the closure of the Strait of Hormuz and continued uncertainty around a ceasefire have kept oil prices high for an extended period.
Indonesia's central bank...