Asia’s worst-performing currency just got worse: Rupiah slides past 18,000 to the US dollar

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Indonesia’s rupiah hit a record low against the dollar on Thursday as traders rushed into the US unit on expectations the Federal Reserve will hike ...

HONG KONG, Nov 12 — Indonesia’s rupiah hit a record low against the dollar on Thursday as traders rushed into the US unit on expectations the Federal Reserve will hike interest rates into the new year.

Asia’s worst-performing currency this year weakened to as much as 18,253 to the greenback in afternoon trade, spurring the Indonesian central bank to intervene to provide support.

The drop came just before the country’s vice president resigned in the midst of a scandal over his high school diploma, adding to pressure on a government facing widespread dissatisfaction over the economy, graft and wildfires. — AFP

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