The Indonesian rupiah Monday sank to its lowest level against the dollar since the Asian financial crisis 16 years ago, as emerging markets are hit hard by signs of recovery in the US. The unit was down 1.8% in early afternoon trade, at 12,690 to the dollar, its lowest level since August 1998, around the time Southeast Asia’s biggest economy was devastated by serious financial turmoil, AFP said. In earlier trade, it touched 12,699 to the dollar. Like other emerging market currencies, the rupiah has been hit by signs of recovery in the American economy that has led to expectations the Federal Reserve will raise interest rates next year.
