CNA Explains: Indonesian rupiah hits record low
Indonesia's central bank has hiked its key rate for the first time in two years, to 5.25%. Bank Indonesia governor Perry Warjiyo said the move was made to support the rupiah amid uncertainties brought on by the war on Iran. This comes as the rupiah has set successive record lows this week. It's now trading at 17,600 to the greenback. The rupiah has depreciated by around 5% year-to-date, making it one of Asia's worst performers. It has also breached the symbolic 17,000 level, bringing back memories of the 1998 Asian financial crisis. Olivia Marzuki looks at what is driving the rupiah's slide.
Indonesia's central bank has hiked its key rate for the first time in two years, to 5.25%. Bank Indonesia governor Perry Warjiyo said the move was made to support the rupiah amid uncertainties brought on by the war on Iran. This comes as the rupiah has set successive record lows this week. It's now trading at 17,600 to the greenback. The rupiah has depreciated by around 5% year-to-date, making it one of Asia's worst performers. It has also breached the symbolic 17,000 level, bringing back memories of the 1998 Asian financial crisis. Olivia Marzuki looks at what is driving the rupiah's slide.
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