Asian policymakers tighten controls on offshore currency derivatives as oil‑price shocks and a strong dollar pressure local markets. South Korea has broadened oversight, the Philippines capped non‑deliverable forwards to economic use, and India limited banks’ net open positions to $100 million.

The crackdown follows Indonesia’s surprise rate hike and a 18,000‑per‑dollar breach of the rupiah. High‑oil imports, fund withdrawals and a flat exchange rate have pushed the won, rupee and peso to record lows.

Central banks have stepped into offshore markets, selling dollars and reducing derivative exposure. India’s short‑dated dollar book now hovers near $115 billion, while Bank Indonesia has sold dollars abroad to shore up the rupiah. These measures aim to blunt spillovers, but analysts say lasting relief hinges on deeper economic reforms.

Investors see the moves as a temporary bandage; without stronger fundamentals, currency weakness may persist.