Indonesian Rupiah Falls to Record Low Amid Tariff Tension

Indonesia’s rupiah fell to its lowest in history against the dollar as market participants priced in the impact of rising trade frictions around the globe, prompting another central bank’s intervention.

The currency dropped 0.5% to 16,957 per dollar during intraday trading before erasing all losses toward the close on Wednesday. That intraday level surpassed its previous weakest point in 1998, during the Asian Financial Crisis. The 10-year yield rose about six basis points to 7.14%, while stocks fell 0.5% after gaining as much as 1.6% in early trading.