ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

From Turkey to South Korea, strong dollar squeezes the energy-poor

Higher U.S. interest rates drive investors to greenback

Women stand in front of a currency exchange office in Istanbul. The Turkish lira depreciated by 8% since the end of August.   © Reuters

TOKYO -- The interest-rate-driven strength of the dollar has battered currencies of energy-importing economies like Turkey, Brazil and South Korea, adding to the pressure from high crude oil prices.

The Turkish lira was down 8% against the greenback on Tuesday compared with the end of August. The South Korean won touched a 15-month low against the dollar. That day, Bank of Korea Gov. Lee Ju-yeol indicated that the central bank may intervene to prop up the national currency.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more