The Indonesian rupiah ⁠has fallen sharply to a record low of 17,315 per US dollar, as elevated oil prices due to the Iran war continues to roil markets, Al Jazeera reports.

Asian countries, especially the net energy ⁠importers such as Indonesia, India, the Philippines and Thailand, have been hard hit by the Iran war as the closure of the Strait of Hormuz and uncertainty around the US-Iran ceasefire have kept oil prices elevated for a prolonged period.

Bank Indonesia vowed to go all out to defend the “undervalued” currency and said it stood ready to adjust its policy as necessary to provide stronger support for the rupiah and keep inflation in check.