Asian Currencies Hit 14-Month High as Fed Cuts Interest Rates
- Malaysian ringgit climbs to highest in more than two years
- Growth prospects also make Asian currencies more attractive
By Marcus Wong
September 19, 2024 at 2:54 PM GMT+8
Updated on
September 19, 2024 at 3:42 PM GMT+8
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Asian currencies advanced to the strongest level in more than a year after the Federal Reserve kicked off policy easing and signaled further interest-rate reductions this year.
The Bloomberg Asia Dollar Index rose 0.2% on Thursday, bringing the gauge to the highest since July 2023.
The Indonesian rupiah and South Korean won led the gains, while the Malaysian ringgit climbed to the highest since 2022.
