Rupiah Slides To Lowest Point Against Dollar Since 1998
- Indonesian currency slumps nearly 10% this year on EM selloff
- Higher oil prices, Fed hikes weighing on rupiah: Dai-Ichi Life
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Indonesia’s rupiah weakened past 15,000 per dollar for the first time in 20 years as sentiment toward emerging-nation assets soured and oil prices jumped.
The currency has tumbled almost 10 percent this year as rising U.S. interest rates have boosted the dollar and Indonesia’s current-account deficit has left the economy exposed to the financial turmoil that afflicted Turkey and Argentina. Crude prices have almost tripled since February 2016, ratcheting up the cost of imports.