Rupiah rout mauls Indonesia-linked Singapore stocks

Singapore

AS INDONESIA fights to shield the battered rupiah with a mix of rate hikes and market-intervention measures, Singapore-listed firms with exposure to South-east Asia's biggest economy are feeling the pinch as the currency stoops to its lowest ebb in 20 years.

On Wednesday, amid a sharp sell-off in emerging-market assets, the rupiah that has fallen over 2 per cent in recent days trudged past the 15,000 handle against the US dollar - some way off the 16,650 level it plumbed to back in 1998 but inching closer. Year to date, it has fallen 9 per cent.