Bank Indonesia intervenes as rupiah hits record low
Updated
Updated · Bloomberg · May 5
Bank Indonesia intervenes as rupiah hits record low
12 articles · Updated · Bloomberg · May 5
Executive director Erwin Hutapea said on Tuesday the central bank acted through offshore and domestic non-deliverable forwards, spot transactions and secondary-market government bond purchases.
The intervention came after the rupiah fell to a fresh all-time low against the US dollar, prompting action across currency and bond markets.
The move underscores mounting pressure on Indonesia's currency and the central bank's use of multiple instruments to try to stabilise the rupiah.
Is the rupiah's record plunge a temporary storm or a permanent new economic reality?
Can Indonesia defend its currency while funding its new president's expensive promises?
Can any central bank truly win a fight against a surging US dollar and global turmoil?