SINGAPORE—Asian currencies sold off sharply Wednesday as concerns about financial contagion from the crisis-hit euro zone swept through the region, prompting South Korean and Indonesian authorities to intervene to temper the declines.
Fund managers and traders warned this may be only the beginning of a retrenchment in emerging Asian currencies, as European political problems seem unlikely to be resolved soon.
The Indian rupee has been among the hardest hit, falling to a record low against the dollar Wednesday. Speculation that the Reserve Bank of India was also active in the market, and a warning from a senior RBI official, did ...
