Indonesian rupiah sinks to lowest level

JAKARTA: The Indonesian rupiah on 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 percent 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.