Indonesian rupiah breaches 11,000 as worries grow

The Indonesian rupiah slid past 11,000 per dollar on Mar 12, 2001, extending early losses after the central bank said it had limited ability to defend the currency.

Bank Indonesia deputy governor Anwar Nasution's comments that intervention now would be like "pouring water into the sand" drove the rupiah past its earlier low of 10,800. "All this time Bank Indonesia has raised interest rates, intervened, but the rupiah keeps weakening...political reconciliation is a must to gain stability," he s