In a report on Tuesday the International Monetary Fund (IMF) trimmed its forecast for global growth in 2015 to 3.1 percent, down by 0.2 percentage points from its July forecast.
Market volatility caused by unsteady commodity prices, falling capital flows and currency pressures were expected to persist, the IMF warned.
Early last week, Indonesia's currency hit its lowest levels against the dollar since July 1998 when it fell to 14,730, according to data from Reuters.
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Until the recent bounce, the rupiah had been steadily declining against the dollar this year, as oil prices fell and capital continued to flow out of emerging markets on concerns about China's economic slowdown and the uncertainty around U.S. monetary policy.
Similarly the Malaysian currency had also been falling against the dollar since August. Malaysia is currently transfixed by the malaise involving its sovereign wealth fund 1MDB, leading to speculation that potential political instability is fueling capital outflows.