Indonesia's central bank board will meet on Thursday in a surprise move amid widespread speculation it will have to raise interest rates again to defend the fast-falling rupiah, now its lowest since April 2009, and its implied volatility at its highest.
The Indian rupee hit a record low on Tuesday and posted its biggest single-day fall in nearly 18 years after the lower house of Parliament approved a nearly $20 billion plan to provide cheap grain to the poor, raising concerns the fiscal deficit will blow out even further.
The Thai baht was at 32.15 per, its weakest level in three years.
The heightened geopolitical risk in the Middle East drove the prices of gold and oil higher, however.
Brent crude prices advanced 0.7 percent to a six-month high of $115.44 a barrel, extending Tuesday's 3.3 percent surge - their biggest one-day percentage gain in nearly 10 months.
It is now 162 naira to the Dollar officially as of close of business yesterday.
I hope this Oil windfall will shield us from the Storm of the tapering of the US Federal Reserve and the introduction of Larry Summers as the new Fed Chairman- he is said to be interested in raising rates Volker style.
Advice to start your Christmas shopping very early!!
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