Asia Steps Up Currency Defense as Mideast Strife Roils Market

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Central banks from Jakarta to Seoul intensified the defense of their currencies, as Asia’s struggle against a resurgent dollar faced a fresh challenge from reports of armed conflict in the Middle East.

Bank Indonesia increased its interventionsBloomberg Terminal on Friday to support the rupiah and urged government-backed firms to avoid making huge dollar purchases. The State Bank of Vietnam’s deputy governor said it was ready to intervene in the foreign exchange market “even todayBloomberg Terminal if needed.” With the won shy of a 17-month low against the greenback, South Korea pledged to respondBloomberg Terminal immediately to excessive currency market volatility.

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