Indonesia’s rupiah fell to a record low after President Prabowo Subianto’s nomination of his nephew as deputy governor of the central bank fuelled concerns over its independence.
The currency, which had already been trading near its lowest levels since the 1998 Asian financial crisis due to persistent concerns over Indonesia’s fiscal position, touched an all-time low of 16,985 to the US dollar on Tuesday.
The rupiah’s fall came a day after Thomas Djiwandono, currently deputy finance minister, was nominated to fill the Bank Indonesia position.
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