The rupiah closed on Monday at its lowest level since July 2001 as fears mounted that Indonesia might become the next Asian country to come under serious pressure as a result of the global financial crisis and local investors sought to square positions.
The rupiah fell 9.5 per cent to 11,200 against the US dollar, a depreciation of 23.5 per cent since early August. Central bank intervention brought it back to close at 10,825, according to Bloomberg.
