It also said that weakness in the Chinese yuan will put the brakes on other currencies in the region, including the Indian rupee, Singapore dollar, Korean won, Indonesian rupiah
, and the ringgit from sliding against the dollar.
The Philippine peso is followed by Indonesian Rupiah
, Indian Rupee, and Japanese Yen at 3rd, 4th, and 5th places.
Data showed the Thai baht gained 4.27 percent to 30.95 to $1 from 32.26 to $1, while the Indonesian rupiah
was the third best performing, appreciating by 2.
Sales of the Japanese yen are up 12 per cent this year so far compared with the same period a year earlier, while sales of the Indonesian rupiah
have increased by nine per cent.
Jakarta: Fitch Ratings said the weakening Indonesian rupiah
and higher yields have made offshore bond issuance a less viable option for Indonesian companies, which narrows their range of funding alternatives and could pose liquidity management challenges.
Other currencies which have weakened against sterling include the Icelandic krona, the Russian ruble and the Indonesian rupiah
The Indonesian Rupiah
has fallen to a new 20-year low, which has gotten attention with Indonesia being one of the emerging economies on the potential-currency-crisis worry list.
According to the latest data released on Tuesday, the Indian rupee, Indonesian rupiah
and the Philippine peso are now the weakest among the currencies of the fast-growing economies in Asia.
While the Philippine peso has depreciated 8.5 percent against the US dollar, the Indonesian rupiah
has depreciated 7 percent against the Philippine peso since June.
The Rupee is the worst performing among Asian currencies falling some 13 per cent since the beginning of the year compared with the Indonesian Rupiah
which has fallen 10 per cent.
"We are trying to raise at least BD500 (about 20 million Indonesian rupiah
)," said Perkibar head Aref Budiyanto.