Marcus Wong

The Indonesian rupiah faces continued downside pressure despite Bank Indonesia's surprise 50 basis point rate hike. The intervention has failed to stem the currency's decline to repeated all-time lows, and the market expects further weakness as inflation pressures remain upward and the central bank's actions are seen as insufficient to defend the currency.

The Philippine peso and Indian rupee are vulnerable to continued depreciation due to their heavy reliance on oil imports, with high energy prices pressuring their current accounts and currencies.