Rupiah weakest in four years

SINGAPORE: Indonesia’s rupiah has weakened past the psychologically important level of 11,000 per dollar, for the first time in more than four years, as the market fretted after the government reported a record monthly trade deficit.

The rupiah’s indicative prices lost 0.7% to 11,050 per dollar, its weakest since April 2009.

Monday’s announcement that Indonesia’s trade deficit in July soared to US$2.31bil, nearly triple the June level, was the latest in a series of blows to the currency, which has shed nearly 13% against the dollar this year. — Reuters