The Indonesian rupiah recovered a little yesterday after falling nearly 11 per cent this year against the Singapore dollar and nearly 14 per cent against the greenback. The plunge had left it near levels last seen during the 1997 Asian financial crisis. One Singdollar was worth 10,827.64 rupiah last night, compared with 10,878.20 on Wednesday.
The rupiah and other emerging market currencies have been under tremendous pressure since rising US interest rates prompted investors to move funds into dollar-denominated assets.
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