JAKARTA, May 12 (Xinhua) -- The Indonesian rupiah plummeted to a historic low of 17,500 against the U.S. dollar on Tuesday morning, marking its weakest level on record.
Several local media outlets attributed the sharp depreciation to sustained volatility across global financial markets.
The currency's decline has fueled anxieties over mounting inflationary pressures and soaring import costs, posing a threat to businesses dependent on foreign currency-denominated transactions and imported raw materials, local media reported.
Some market analysts expected the rupiah to remain under pressure in the near term as external economic uncertainties persist. ■