Southeast Asian currencies unlikely to fall much further

American Express Bank economists do not expect the slide to continue, but beware the slippery rupiah.

Asian currencies, excluding Japan, are not expected to depreciate much further, due to slow but sure reform progress in theĀ region's once-battered economies. However, the outlook is still far from certain for theĀ Indonesian rupiah, economists say.

In its latest currency report, American Express Bank attributed recent pressure on the Southeast Asian currencies on volatile politics, reform drift and low growthstill-weak financial sectors. Those factors have inhibited the rise of interest rates and hampered the stability of the currencies. But, overall, the economists expect that the slow meltdown in Southeast Asian FX is probably nearly over.

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