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Asia is getting crushed between oil prices and the US dollar
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The Philippines, which imports 90 per cent of its oil from the Middle East, declared a national emergency on March 24.
PHOTO: AFP
Alex Travelli, Choe Sang-Hun, Sui-Lee Wee and Jason Gutierrez
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NEW DELHI – Across Asia, countries already vulnerable to the sustained disruption in energy supplies from the Persian Gulf are also contending with an ominous side effect. Their currencies are being suffocated by a US dollar that is surging in value.
