Indonesia rupiah hits record low against dollar

Indonesia’s rupiah hit a record low against the US dollar on Thursday, weakening to as much as 18,253 in afternoon trade.

The fall came as traders bought the dollar on expectations that the Federal Reserve will raise interest rates into the new year. Indonesia’s central bank intervened to support the currency.

The drop also came just before the country’s vice president resigned amid a scandal over his high school diploma, adding to pressure on a government already facing dissatisfaction over the economy, graft and wildfires.