The swelling ranks of troubled emerging market currencies show no signs of abating. This time it's the Indonesian rupiah.

Indonesia's local currency Tuesday plunged to 14,280 against the U.S. dollar, its lowest level since July 1998 during the dismal days of the Asian financial crisis. The currency had closed at 14,245 against the dollar on Monday, according to Reuters data.

The rupiah has been under the cosh for a while as growth in Southeast Asia's largest economy slows and rising risk aversion dims the allure of the country's assets.

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Feeble economic activity, coupled with concerns that reforms are stalling, has also means that foreign investments haven't risen as rapidly as the government could have hoped.