Rupiah sinks on contagion worries

The rupiah is down almost 9% against the dollar this year, falling to as low as 14,945 early this month and making it the second-worst performer in Asia.

KUALA LUMPUR: Stocks on the Jakarta Stock Exchange took a beating on Wednesday, while the rupiah tumbled to a 20-year low as investors flee the market amid rising global trade tensions and fears of contagion due to crises in Argentina and Turkey.

The main stock index in Jakarta tumbled 220 points, or 3.8% to 5,683 points. The rupiah was traded at 14,938 against the US dollar.