Indonesia rupiah slumps to new low as high oil prices fuel inflation fears
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The Indonesian rupiah has hit a record low, dropping 1.1% to 17,658 per US dollar amid inflation fears and a global sell-off. The currency also fell against the Singapore dollar, and Jakarta's main stock index dropped over 4%. Fitch and Moody's have downgraded Indonesia's credit outlook to negative. Bank Indonesia is under pressure to defend the rupiah, which has weakened over 5% against the dollar this year. President Prabowo Subianto claimed the economy remains strong despite the currency's decline.
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