As Thailand is an export-led economy, effective currency management strategies are essential to bolster its export activities, Minister of Finance Pichai Chunhavajira has said.

The Singaporean currency (SGD) is trading against the USD at its strongest level in almost a decade, touching new highs in recent weeks amid lower US interest rates coupled with investors' confidence in its resilient economy.

The Malaysian ringgit (MYR) jumped against the USD at the close on September 24, reaching its highest level in 34 months after China unveiled a stimulus package aimed at revitalising its economy.

Thai businesses are pressing the central bank to take measures to stabilise the domestic currency (baht), which has rapidly gained strength and could impact fourth-quarter growth.

The Bank of Thailand is monitoring the movement of the THB as it strengthens against the USD, in line with several major regional currencies, influenced by both internal and external factors.

Vietnam did not manipulate the rate of exchange between the Vietnamese dong and the US dollar for purposes of preventing effective balance of payment adjustments, or gaining unfair competitive advantage in international trade in the four quarters to December 2023, according to a recent report of the US Department of the Treasury (USDT).

The Bank of Thailand (BoT) said it has intervened in currency markets at times to ease any excessive moves in the THB, adding that the current policy rate is robust and conducive to economic recovery, reported the Bangkok Post.

Thailand's currency THB may extend its recent declines to test support at last year’s low amid growing pressure on the central bank to cut interest rates, according to the US website Bloomberg.com.

The Reserve Bank of India (RBI) and Bank Indonesia (BI) on March 7 signed and exchanged a Memorandum of Understanding (MoU) to establish a framework to promote the use of local currencies Indian rupee (INR) and Indonesian rupiah (IDR)). The MoU was signed in the presence of RBI governor Shaktikanta Das and Bank Indonesia Governor Perry Warjiyo.

The trade and investment targets that Malaysia set for this year are achievable despite the ringgit’s current depreciation versus the US dollar, as many other major fundamentals remain attractive and appealing to global investors, said Malaysian Minister of Investment, Trade and Industry Zafrul Abdul Aziz.

Financial sources on January 9 revealed that the Republic of Korea (RoK)’s businesses will be able to make payments in the country's domestic currency, the won (KRW), to their trade partners from the Association of Southeast Asian Nations (ASEAN) members starting in the second half of this year at the earliest.

Bank Indonesia (BI) and the Bank of Korea (BOK) on December 10 embarked on a groundbreaking collaboration aimed at utilising local currencies for financial and economic transactions.

Currencies of Southeast Asian countries are trading near their lows for the year against the surging USD, with the MYR of Malaysia and THB of Thailand leading the decline, as governments and businesses in the region worry about the economic impact of the depreciation., according to Nikkei Asia.

The National Bank of Cambodia (NBC) announced on September 6 that it has successfully auctioned 10 million USD in an effort to stabilise the Cambodian riel against the US dollar.

The Malaysian ringgit (RM) depreciated for a fifth straight session to slump to a more than seven-month low on June 23 due to a firmer dollar and weak oil prices.

ASEAN Secretary General Kao Kim Hourn on March 13 said a common currency and monetary union for the region are not a priority right now, as there are many other agendas that need attention.

Indonesia's central bank raised its benchmark interest rate by 50 basis point on October 20 in a bid to curb rising inflation and reduce pressure on the local currency.

The Ministry of Finance will hold talks with the Bank of Thailand to discuss and delve into the factors behind the weakening baht, Minister of Finance Arkhom Termpittayapaisith has said.

The US Federal Reserve (Fed) 's latest interest rate hike is expected to have a limited impact on Vietnam's economy, and companies exporting goods to international markets will gain advantages, according to experts.

The State Bank of Vietnam set the daily reference exchange rate at 23,177 VND/USD on August 23, up 11 VND from the last working day of previous week (August 20).