OCBC’s Sim Moh Siong and Christopher Wong report that Philippine Peso (PHP), Indian Rupee (INR), Indonesian Rupiah (IDR) and Thai Baht (THB) weakened as Oil’s rebound renewed pressure on net importers. Oil-sensitive currencies under strain"Asian FX traded on a softer footing, with PHP leading declines while INR, IDR and THB also weakened as the rebound in oil prices renewed pressure on the region’s net oil importers." "The recent slippage in Asian FX is a reminder that the relief from lower oil prices remains fragile. For net oil importers such as India, Indonesia, the Philippines and Thailand, renewed oil strength can worsen terms of trade, add to imported inflation and weigh on external balances, leaving their currencies more exposed when crude rebounds." But the renewed swings in oil suggest that oil-sensitive Asian currencies are not yet out of the woods, even if the broader USD backdrop turns more supportive."