JAKARTA — The Indonesian rupiah fell on Tuesday to its lowest level against the U.S dollar since the 1998 Asian Financial Crisis, exceeding its depreciation during the COVID-19 pandemic. It has weakened 3% this year, making it one of the poorest performing emerging market currencies.
Indonesia’s economy is deeply reliant on exchange rate stability, from corporate transactions to the importing of industrial supplies, and Bank Indonesia, the central bank, has intervened to prevent further weakening.
