Central banks across Asia stepped in to stem the rise of their currencies as the continued slide in the dollar raised concerns over the competitiveness of exporters across the region.
Dealers said central banks in South Korea, India, Malaysia, Taiwan, the Philippines and Singapore were all suspected of being active in the currency markets.
However, there was no suggestion that Wednesday’s action by the region’s central banks was co- ordinated, merely a unilateral response by policy-makers to the weakening dollar. But analysts said the trend was set to intensify.
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