Rupiah hits 4-year low as Indonesia reopens after holiday

JAKARTA -- The Indonesian rupiah hit a four-year low on Tuesday, as the dollar continues to rally, in the wake of higher-than-expected inflation data and concerns over presidential election disputes.

Indonesian markets reopened following the Eid al-Fitr festival, which marks the end of Ramadan. The rupiah's spot rate touched 16,200 to the dollar at 9:30 a.m. local time, falling past the 15,965 mark recorded on Oct. 23, 2023 and reaching its lowest point since April 9, 2020.