Asian Currencies Strengthen, Malaysian Ringgit Leads the Way

Asian currency movements showed improvement during morning trading on Tuesday, 10 March 2026, as the US dollar weakened in global markets.

According to Refinitiv data as of 09:25 WIB, of the eleven Asian currencies monitored, eight strengthened whilst three weakened against the US dollar.

The strongest gains were led by the Malaysian ringgit, which surged 0.86% to MYR 3.92/US.TheChineseyuanfollowedwitha0.38, whilst the Indian rupee climbed 0.35% to INR 91.81/US$.

Domestically, the Indonesian rupiah also strengthened by 0.32% to Rp16,880/US, havingopenedup0.62.

Additionally, the Taiwan dollar gained 0.15% to TWD 31.75/US, followedbytheVietnamesedongrising0.13. The Singapore dollar advanced modestly by 0.04% to SGD 1.27/US, andtheJapaneseyenclimbed0.01.

However, not all Asian currencies advanced. The South Korean won was the hardest hit, declining 0.66% to KRW 1,470.45/US.ThePhilippinepesofell0.17, whilst the Thai baht weakened marginally by 0.03% to THB 31.67/US$.

This currency movement reflected weakness in the US Dollar Index (DXY), which fell 0.37% to 98.811 at the same time, indicating that investor demand for the US dollar was declining.

The weakening of the US dollar followed US President Donald Trump’s statement that the war against Iran is “very much over”, which calmed investor concerns about potential prolonged conflict.

This statement eased market anxiety that the conflict could disrupt global energy supplies and dampen global economic growth. Trump’s comments also boosted equity markets, whilst oil prices, which had previously surged due to conflict concerns, retreated from their gains. These conditions reduced demand for safe-haven assets, including the US dollar.

Ultimately, the easing of risk sentiment and weakening of the US dollar created conditions for other currencies, including Asian currencies, to strengthen during morning trading.