Emerging market - Indonesian rupiah down 0.9%, hits lowest in 3 weeks as Asian stocks get rattled by record US inflation

Indonesian rupiah fell nearly 0.9% to its lowest since May 19, while South Korea's won underperformed the most with a 1.2% drop, slipping for a third session in row.

Last week, the central bank left its key rate unchanged at a record low of 0.5% in a 4-3 split vote. Consumer prices in the US accelerated in May, dashing hopes that inflation had peaked, and had investors scrambling to price in even steeper Federal Reserve rate hikes. India's rupee hit a record low in opening trade on Monday while bond yields spiked to their highest levels in more than three years.

Bigger-than-expected rate hikes in India and Australia have added to the aggressive narrative in recent weeks.

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