Indonesia’s rupiah hits lowest in nearly 27 years

The Indonesian rupiah plummeted to its weakest since the Asian Financial Crisis nearly three decades ago on Tuesday, pressured by concerns about the fiscal health of South-east Asia's largest economy, but managed to recoup some lost ground after intervention by the central bank.

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The rupiah weakened as much as 0.5 percent to 16,640 per US dollar, its weakest since the lifetime low it hit in June 1998 during the Asian Financial Crisis.

The currency was last trading at a near one-month low of 16,590 a dollar. The currency has lost more than 3 per cent so far this year and is among the worst-hit emerging market curren-cies in the world.