{
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    "date": "2026-05-20T09:04:26",
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        "rendered": "Asia FX: Indonesia, Philippines and India under pressure \u2013 BNY"
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        "rendered": "<div id=\"post-content-section\">\n<p>BNY\u2019s Bob Savage highlights growing stress across emerging Asian assets as higher U.S. yields, a stronger Dollar and Oil shock weigh on <a href=\"https:\/\/www.fxstreet.com\/brokers\/best-brokers-in-indonesia\" data-fxs-autoanchor>Indonesia<\/a>, the Philippines and India. IDR has hit record lows amid downgrades and index removals, while EM <a href=\"https:\/\/www.fxstreet.com\/bonds\" data-fxs-autoanchor>bonds<\/a> face rising inflation and funding costs. Policymakers respond with FX intervention and bond support, but vulnerabilities remain elevated.<\/p>\n<h2>Record-low IDR and broader EM strain<\/h2>\n<p>&#8220;Indonesia, the Philippines and India are facing mounting financial vulnerabilities as the global bond selloff and Iran war oil shock intensify pressure on already-fragile emerging Asian economies. Rising U.S. Treasury yields and a stronger dollar are fueling capital outflows, weakening regional currencies and increasing pressure on central banks to tighten monetary policy even as growth slows.&#8221;<\/p>\n<p>&#8220;IDR has hit fresh record lows, which will pose a test for the BI tomorrow: <a href=\"https:\/\/www.fxstreet.com\/markets\/equities\" data-fxs-autoanchor>equities<\/a> are down again, while 10y bonds are stable, holding near 6.76%. Both Moody\u2019s and Fitch have downgraded Indonesian bonds, warning about new government policy shifts. IDR has shed 14% of its value since President Prabowo Subianto took office in October 2024.&#8221;<\/p>\n<p>&#8220;MSCI has removed six Indonesian companies from its index and dropped another 13 from its small cap index. Politics matters more than natural resources in some nations.&#8221;<\/p>\n<p>&#8220;The Philippines has cancelled a 7y bond sale as investors sought yields as high as 8.125%. Treasurer Sharon Almanza said that the government rejected all bids because the \u201crates are too high.\u201d There were PHP 37bn of bids against the PHP 30bn sale.&#8221;<\/p>\n<p>&#8220;This contrasts with India, where 10y rates fell 3bp to 7.10%, partially reversing yesterday\u2019s 7bp rise. The government raised fuel prices by 3%, in its first hike in four years, helping to ease fiscal concerns. EM bonds face inflation from energy imports, a stronger USD and higher U.S. rates.&#8221;<\/p>\n<p><em>(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)<\/em><\/p>\n<\/div>",
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