SINGAPORE/MUMBAI - Asia's central banks have spent this year defending their currencies against a strong U.S. dollar, paring foreign exchange reserves to multi-month lows in the process, yet have struggled to soothe market nerves or contain capital outflows.
But that intervention has done little to calm investors worried about diminishing returns in emerging markets as dollar yields rise and currencies weaken. Not all of the change can be attributed to intervention, though, as the dollar's rise has also eroded the value of other currencies held by central banks.
The Reserve Bank of India , Bank Indonesia and Bank of Thailand have spoken out against speculative foreign exchange trades, and over the last month stepped into the market to support their depreciating currencies. While reserves have fallen, they are above levels seen in October last year and still leave central banks with ample ammunition.
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