Currency strategists at OCBC Bank have identified the South Korean won (KRW) and the Indonesian rupiah (IDR) as the most vulnerable Asian currencies in the current environment, citing persistent pressure from elevated oil prices and a hawkish Federal Reserve policy stance. Analysts at OCBC note that both South Korea and Indonesia are net oil importers, making their currencies particularly sensitive to sustained high crude prices. As global oil benchmarks remain elevated, the cost of energy imports increases, widening trade deficits and putting downward pressure on the won and rupiah.