1.   And lagging areas would no longer have the expedient of allowing their currencies to depreciate in order to regain competitiveness.

2.   As local currencies depreciated, short-term dollar loans borrowed by local banks skyrocketed in terms of the local currency.

3.   As the pressure on the koruna ensued, the central bank decided to remove the band in which the koruna could trade, allowing the currency to depreciate.

4.   A weak dollar reduces the attractiveness of Canadian equities to non-Canadian investors who risk losing any profits if the currency depreciates.

5.   Expectations for higher rates have led some investors to close out short positions in the ringgit, or bets that the currency will depreciate.

6.   If an economy is uncompetitive with its trade partners and has its own currency, it can regain competitiveness with relatively little pain by allowing its currency to depreciate.

7.   Its currency has not depreciated in value like that of its neighbors.

8.   Speculators have been pounding the Hong Kong dollar for a week, hoping that the authorities will follow other Southeast Asian countries in allowing the currency to depreciate.

9.   The Bangko Sentral ng Pilipinas, the central monetary authority, abandoned its staunch defense of the peso on Friday and allowed the currency to depreciate against the peso.

10.   But finally, when you make all these corrections it is still true that the East Asian currencies have depreciated relative to the rupee.