Fed minutes damage Asian currencies

<p>Asian currencies have lost value due to the latest Fed minutes.</p>

The latest minutes from the US Federal Reserve have had a damaging impact on stock markets and currencies across Asia today (August 22nd).

Indonesia, Thailand and the Philippines all saw their stock exchanges drop, while the Nikkei index fell in value by 0.4 per cent, reports BBC News.

The Philippine Stock Exchange was down by more than six per cent over the course of the session, while the Indonesian index entered bear territory earlier in the week.

India's rupee has fallen to a new all-time low, while the Indonesian rupiah is down to its lowest level since 2009.

The Fed did not reveal in the minutes when the monetary stimulus package is going to be wound down, which has left investors across Asia wary.

"Most analysts still expect tapering to start in September, or at the bare minimum a September announcement and implementation through October and November,'" said Stan Shamu, a market strategist at IG Markets in Melbourne.

The Jakarta Composite Index lost five per cent of its value on Tuesday and it is down around 20 per cent in the last couple of months alone.

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