Indonesian Rupiah Falls to Lowest Since Asian Financial Crisis [Yahoo! Finance Canada]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The rupiah fell 0.5% to 16,641 against the dollar on Tuesday, its weakest since June 1998. The currency has slumped more than 3% this year, making it one of the worst performers in emerging markets. Indonesia, one of the region's darlings just a year ago, is fast losing its appeal with global investors as concerns grow over President Prabowo Subianto's moves to chip away at the nation's long-established economic guardrails, and to expand the role of the military in civil society. Prabowo's populist policy steps since taking office in October, including a roughly $30 billion-a-year free lunch program, are pushing the budget deficit closer to its legal limit of 3% of gross domestic product. “Fiscal worries will likely weigh on the currency” as well as seasonal dividend payment repatriation by foreign investors, said Moh Siong Sim, a strategist at Bank of Singapore. “Expect Bank Indonesia to continue to curb excessive rupiah volatility ahead of likely Ap
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