Is Asia facing a new currency crisis? | Counting the Cost

Key points· Video

• The battle over the Strait of Hormuz is triggering a new economic shock in Asia.
• As oil prices rise and investors flee to the safety of the US dollar or gold, currencies are weakening across the continent.
• The Indian rupee and Philippine peso have fallen to record lows.
• Indonesia's rupiah is now weaker than it was at the depths of the Asian financial crisis.
• From Japan to South Korea, central banks have burned billions of dollars trying to slow the slide.