Rupiah sinks on oil-price rise

The Indonesian Rupiah has sunk to its lowest level since January 2002, following a week of rapid depreciation. Burhanuddin Abdullah, governor of Bank Indonesia, vowed to continue to defend the Rupiah.

The currency has depreciated 4.2% over the past week, the biggest weekly move since April 2001. The downward pressure on the currency is being attributed to high oil prices, and Indonesia's need to purchase dollars to pay for imports.

Bank Indonesia increased interest rates by a quarter of a perc