Asian currencies weaken as recession fears dent risk appetite

MOST Asian currencies weakened on Tuesday, battered by tepid risk sentiment as investors continued to exit regional bonds, while the Malaysian ringgit hit a fresh 24-year low after the country's parliament got dissolved.

The ringgit fell as much as 0.5% to trade at 4.670 to the dollar, its lowest since January 1998. Stocks in Malaysia dropped as much as 1.6% to their weakest levels since May 2020, and bond yields rose 2 basis points to 4.404%.