SINGAPORE, Jan 20 — Indonesia's rupiah hit a record low against the dollar today as investors fretted about the country's central bank independence after President Prabowo Subianto nominated his nephew to join Bank Indonesia's board of governors.
The rupiah IDR slid to 16,975 per US dollar (16,975 per about RM4) at the open today as worries over Indonesia's widening fiscal deficit as well as uncertainty from US tariff policy hit sentiment.
Investors have worried that independent monetary policymaking in Southeast Asia's largest economy might be under pressure as Prabowo targets economic growth of 8 per cent by 2029, from about 5 per cent now.
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