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India, Indonesia and Thai currencies flash red in virus stress tests

Slump revives memories of 1990s Asian financial crisis

HONG KONG -- Indonesia, Thailand, Malaysia, the Philippines and India all set off alarms when a European bank stress-tested their currency exposure to extreme coronavirus scenarios.

According to a trader on the bank's Singapore-based trading desk, the currencies of many of the nations that tottered during the Asian financial crisis more than two decades ago were flagged as vulnerable under situations where the virus is not contained anytime soon and economic malaise deepens.

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