TOKYO -- Asian currencies came under selling pressure and traded near their lowest levels for the year on Wednesday as higher interest rates both at home and abroad have started weighing on regional economies.
The Japanese yen, South Korean won and Thai baht all recently slumped to their lowest levels against the dollar this year. Their weakness comes as the U.S. central bank maintained hawkish rhetoric, raising the prospects of further rate hikes and widening the rate differentials between U.S. and Asian economies.
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