# Asian currencies plumb multi-year lows as safe-haven demand lifts dollar | Malaysiakini

> Most Asian currencies hit multi-year lows against the dollar on September 26 after the US Federal Reserve's hawkish stance boosted the greenback's safe-haven appeal. The ringgit fell 0.4% to 4.5960 per dollar, its weakest since January 1998, while the Indian rupee and Philippine peso set record lows. The dollar index reached 114.58, its highest since May 2002.

- Date: 2022-09-26 · published 2022-09-26T12:00:00.000Z
- Category: macro · region Asia · magnitude medium
- Page: https://feedsoft.ai/events/39863-asian-currencies-plumb-multi-year-lows-as-safe-haven-demand-lifts-dollar
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Broad Asian currency weakness lowers the dollar value of Asian feed purchases and tightens financing for importers in the region. The strong dollar is expected to keep pressure on emerging-market import costs.

## Read by commodity

- DXY: bullish ▲
- USDMYR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2020-09-23 | [Currencies slip as dollar gains on safe-haven demand, rand drops 1% \| Financial Post](https://feedsoft.ai/events/51393-currencies-slip-as-dollar-gains-on-safe-haven-demand-rand-drops-1-financial-post.md) | +0.8% | -1.4% |
| DXY | 2024-03-27 | [Asian currencies at multi-month lows against US dollar; stocks mixed - Markets - Business Recorder](https://feedsoft.ai/events/31453-asian-currencies-at-multi-month-lows-against-us-dollar-stocks-mixed-markets.md) | +0.2% | +1.4% |
| DXY | 2023-02-15 | [Most Asian Currencies Hit 1-Month Lows As Dollar Firms After U.S. CPI Data](https://feedsoft.ai/events/37602-most-asian-currencies-hit-1-month-lows-as-dollar-firms-after-u-s-cpi-data.md) | +0.8% | +1.8% |
| DXY | 2023-06-29 | [Asian currencies edge lower as US dollar jumps on hawkish Fed](https://feedsoft.ai/events/35726-asian-currencies-edge-lower-as-us-dollar-jumps-on-hawkish-fed.md) | +0.4% | -1.2% |
| DXY | 2016-11-25 | [Fragile Asian currencies set for weekly losses on rising dollar, US yields - Malaysia Today](https://feedsoft.ai/events/74106-fragile-asian-currencies-set-for-weekly-losses-on-rising-dollar-us-yields.md) | -0.3% | +0.7% |

## Sources

- malaysiakini.com: https://www.malaysiakini.com/news/637095

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.