Rupiah Hits Record Low amid Dollar Surge

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Jakarta. Indonesia's rupiah hit a record low against the dollar on Thursday as traders rushed into the US unit on expectations that the Federal Reserve will hike interest rates…

Jakarta. Indonesia's rupiah hit a record low against the dollar on Thursday as traders rushed into the US unit on expectations that 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.

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