Indonesian Rupiah Tumbles to Lowest Since Asian Financial Crisis

The Indonesian rupiah pared losses after the country’s central bank intervened to prop up the currency from its weakest level since the Asian financial crisis.

The rupiah fell 0.5% to 16,642 against the dollar earlier Tuesday, its weakest since June 1998, before narrowing the decline. The currency has slumped more than 3% this year, making it one of the worst performers in emerging markets.