Rupiah tumbles, hits lowest versus US dollar since August 1998

The Indonesian rupiah fell to its lowest level since August 1998 on Monday, with market participants saying the currency was pressured by a worsening risk sentiment and possible selling of the rupiah by overseas investors. -- PHOTO: REUTERS
The Indonesian rupiah fell to its lowest level since August 1998 on Monday, with market participants saying the currency was pressured by a worsening risk sentiment and possible selling of the rupiah by overseas investors. -- PHOTO: REUTERS

SINGAPORE (Reuters) - The Indonesian rupiah fell to its lowest level since August 1998 on Monday, with market participants saying the currency was pressured by a worsening risk sentiment and possible selling of the rupiah by overseas investors.

The rupiah touched a low of 12,635 against the US dollar, its lowest since August 1998 according to Reuters data. The rupiah last stood at 12,630, down 1.4 per cent on the day.

Earlier, Indonesia's central bank said it was acting in the foreign exchange market to smooth out volatility of the rupiah against the dollar.