Indonesian Rupiah Hits Historic Low Above 18,000 Per Dollar
The Indonesian Rupiah (IDR) fell past the 18,000 per US dollar mark for the first time, reaching a historic low while the currency remains deeply undervalued. The drop coincides with a sharp multi-year contraction in domestic equities.
The Indonesian Rupiah (IDR) has weakened to a record low, breaching the psychological 18,000 level against the US dollar. The currency is already considered deeply undervalued based on fundamental measures.
The depreciation is accompanied by a prolonged downturn in Indonesian equity markets, which have experienced a multi-year contraction. The simultaneous pressure on both the currency and stock market underscores mounting economic headwinds for Southeast Asia's largest economy.
No official statement from Bank Indonesia has been released at the time of reporting.
Source: FXStreet Forex News