Is Asia facing a new currency crisis?

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.

For economies that rely heavily on imported energy, a weaker currency means higher costs, from fuel to food.