Analyst Jeremy Boulton warned sustained high energy prices would likely deepen losses in already weak currencies — the Indian rupee, Indonesian rupiah, Philippine peso and Turkish lira — and could push them through current record lows. He said central bank support might only slow, not stop, such declines. Pressure stems not only from oil but also from natural gas, palm oil and coal: natural gas is at multi‑year highs, palm oil is at its strongest since Dec 2024, and coal is up about 16% in the p

Analyst Jeremy Boulton warned sustained high energy prices would likely deepen losses in already weak currencies — the Indian rupee, Indonesian rupiah, Philippine peso and Turkish lira — and could push them through current record lows. He said central bank support might only slow, not stop, such declines. Pressure stems not only from oil but also from natural gas, palm oil and coal: natural gas is at multi‑year highs, palm oil is at its strongest since Dec 2024, and coal is up about 16% in the past month. Boulton added that if Japanese policy continues to suppress the yen without a material shift in stance, the yen could extend its decades‑long slide and intervention alone may be insufficient. By contrast, higher energy prices could support the US dollar; as a major energy exporter, the US may see reserve‑currency demand for the dollar rise further if emerging‑market currencies weaken sharply.