Sliding Rupiah Approaches New Threshold as Analysts Stay Bearish
- Trade deficit, reliance on oil pummeling currency, Oanda says
- Rakuten sees more downside as emerging markets under pressure
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Brace yourselves: there may be more pain to come for Indonesia’s rupiah.
Analysts say the currency of Southeast Asia’s biggest economy is set to breach the level of 15,000 per dollar for the first time since the depths of the Asian financial crisis in 1998. The rupiah slid as low as 14,782 Monday as the nation’s trade deficit and reliance on oil imports render it vulnerable to the emerging-market selloff triggered by financial turmoil in Turkey and Argentina.