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Asian companies and consumers weighed down by sliding currencies

From Indonesia to Turkey, people struggle with rising prices and interest rates

The Indonesian rupiah has fallen 9% against the dollar since the start of the year.   © Reuters

JAKARTA -- Gold, so the conventional wisdom goes, is a safe haven in times of market turmoil, and Indonesians are snapping up the precious metal in response to the rupiah's 9% decline against the dollar since the start of the year.

"The impact of the weakening rupiah is, people are buying gold," Arie Prabowo Ariotedjo, president of Indonesia's Aneka Tambang, told reporters with a smile at a recent investment event in Jakarta.

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