EM central banks ramp up currency defense as dollar surges ahead

From Brazil to South Korea, emerging-market central banks are forming a line of defense as a rising dollar pushes their currencies to multi-year lows.

Bangko Sentral ng Pilipinas is watching the peso’s drop closely and has stepped up intervention in the currency market, Governor Eli Remolona said Friday. Brazil’s central bank has spent almost $14 billion in the past week to support the real while Bank Indonesia vowed to guard the rupiah “boldly” to build market confidence.

Source: Bloomberg