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Asian Currencies Under Pressure as Oil Spike and Supply Chain Costs Mount

Currency weakness is spreading across Asia as elevated oil prices and surging transportation costs squeeze regional economies. The Sri Lankan rupee hit a three-year low Thursday, underperforming peers across the continent. India's rupee has reached record lows against the dollar, prompting authorities to restrict gold and fuel imports as energy costs climb. Firms are stockpiling goods at levels unseen since the 2022 supply chain crisis, driving transportation expenses to record highs and exacerbating inflation pressures. Shortages of key items have reached three-and-a-half-year peaks. This combination of currency depreciation, rising commodity costs, and supply chain strain is creating significant headwinds for exporters and logistics operators throughout the region.