41.   It decides whether Korea should defend its currency in the face of a looming depression by doubling interest rates.

42.   Key interest rates in the Philippines and in Malaysia were shoved higher today as the central banks in the two countries sought to defend their currencies.

43.   Last month, the country abandoned its efforts to defend its currency, which had been linked to the value of the United States dollar.

44.   Like in the rest of Southeast Asia, the Malaysian stock market has fallen as the central bank has kept interest rates high to defend its currency.

45.   Mexican shares dropped for the third session after the Bank of Mexico raised interest rates to defend the currency after the peso plunged to a ten-month low.

46.   Now the peso floats with the market, so the government faces a less severe challenge in spending its reserves to defend the currency.

47.   Of course, commodity prices started to decline well before Brazil stopped defending its currency earlier this month.

48.   Oil consumption fell after the government raised interest rates and boosted oil prices to shrink its budget deficit and defend the currency, slowing economic growth.

49.   Once it overshoots that band, the currency must be defended by the central bank, using built-up reserves.

50.   Rates could keep rising as the government shows its resolve to defend the currency, said Mike Hillier, head of foreign-exchange trading at HSBC Markets.