SINGAPORE: The Indonesian rupiah gained some respite after hitting a 16-year low on Tuesday, buoyed by central bank intervention and short-covering.
The rupiah's fall had accelerated since Friday in thin year-end trading conditions, with analysts attributing the move to portfolio outflows from Indonesian assets and year-end corporate demand for dollars.
The rupiah fell to as low as 12,930 versus the dollar earlier on Tuesday, its lowest level since August 1998, according to Reuters data.
It later strengthened to 12,670, which market participants said was aided by central bank intervention.
Indonesia's central bank said earlier that it was in the bond and the foreign exchange markets to smooth out volatility.
The South Korean won touched a five-week high versus the dollar, getting a lift as the Japanese yen gained ground.
A slide in oil prices that has triggered a bout of volatility across asset classes has prompted investors to buy currencies traditionally considered safe havens, such as the yen.
The won is sensitive to moves in the yen due to the competition between South Korea and Japan in export markets.
The Indian rupee touched a 13-month low versus the dollar at one point, but then regained some ground due to dollar-selling by Indian exporters.
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