An employee of a foreign currency company is seen between U.S. (L) and Japanese national flags at a dealing room in Tokyo December 15, 2014. The dollar quivered in choppy trading against the yen on Monday as oil prices continued to sink on a weak outlook for global demand, while risk aversion pressured U.S. Treasury yields. REUTERS/Yuya Shino (JAPAN – Tags: BUSINESS)

The yen traded above ¥160 to the dollar on Thursday, as uncertainties in the Middle East fueled safe-haven dollar buying and drove up energy prices.Brent crude oil futures broke $120 a barrel Wednesday after U.S. President Donald Trump reportedly instructed aides to prepare for an extended blockade of Iran.Advertisement 1

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Record Lows Sweep Asian Currencies as Oil Spike Revives Risks

A renewed rise in oil prices past $120 a barrel is intensifying pressure on some of Asia’s most fragile currencies, with several trading back at all-time lows.

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Bloomberg News

Prima Wirayani

Published Apr 30, 2026

2 minute read

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(Bloomberg) — A renewed rise in oil prices past $120 a barrel is intensifying pressure on some of Asia’s most fragile currencies, with several trading back at all-time lows.

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The Indonesian rupiah, Philippine peso and Indian rupee have all tumbled since the start of the war two months ago to rank among the region’s worst performers. The rupiah and rupee slid more than 0.3% against the dollar to lows on Thursday, while the peso traded within half a percentage point of similar levels.