Several Asian economies including Taiwan Indonesia and India are reportedly facing dollar funding pressure linked to oil driven cash demand

Several countries across Asia are confirming they experienced major dollar funding losses last month amidst a cash crunch on surging demand for money to buy oil. Officials in Taiwan, Indonesia, India and in other places have had to scramble to contain the monetary pressure, causing several of them to expend significant reserves just to keep their currency values from plunging. Or, plunging more than they did.