Won and Baht Lead to Fall of Exchange Rates in Asia

Won and Baht Lead to Fall of Exchange Rates in Asia

Currencies are on the decline with increasing coronavirus cases. While the increase in coronavirus cases hit the risk appetite, the decrease in Asian currencies was led by Thai baht and the South Korean won. Treasury bonds increased as the regional exchanges were falling. The Chinese yuan fell against the dollar while the won fell to a 6-month low. The Indonesian rupee also fell on the 7th day and performed the longest downward trend of 10 months. Thai baht has dropped to the lowest level in 9 months, with foreigners leaving their bonds and stocks. As the Malaysian ringgit progresses to the biggest loss of 9 months, the Philippine peso also fell. On the other hand, the Taiwan dollar rose on the 2nd day with the effect of the government's measures against the virus.