What regional currency saw the steepest drop against the US dollar in July?

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The Thai Baht Experienced the Sharpest Decline Among ASEAN-5 Currencies in July

In July, the Thai baht registered the most significant depreciation against the US dollar among the ASEAN-5 currencies, falling by 1.8 per cent. This regional trend saw several other currencies also weaken against the greenback. The Philippine peso saw a depreciation of 0.7 per cent, followed by the Indonesian rupiah at 0.6 per cent. The Malaysian ringgit experienced a 0.3 per cent decline, while the Singapore dollar weakened by 0.2 per cent.
Regional Currencies Weakened as US Dollar Index Rose

The strengthening of the US dollar index to 100.9 in July, compared to 100.3 in June, contributed to the broader weakening of regional currencies. This upward movement in the US dollar was influenced by a combination of factors, including heightened geopolitical tensions in West Asia and elevated energy prices, which typically bolster demand for the US dollar as a safe-haven asset.
US Economic Data Tempered Dollar Strength

Despite the factors supporting the US dollar, softer inflation and labour market data emerging from the United States towards the end of July played a role in tempering its overall strength. These economic indicators led to a moderation in expectations for further interest rate hikes by the US Federal Reserve, which in turn had a dampening effect on the broader appreciation of the US currency.
Malaysian Ringgit Traded Within Projected Range

Within this regional context, the Malaysian ringgit traded largely within Kenanga Investment Bank's projected range of 4.07 to 4.10 against the US dollar. The local currency extended its losses from June, recording a further 0.3 per cent depreciation in July to average 4.08 against the greenback.

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What regional currency saw the steepest drop against the US dollar in July?

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