JAKARTA :The Indonesian rupiah on Tuesday slid to its weakest in four years as the market reopened after the Eid al-Fitr holidays, prompting the central bank to intervene.The rupiah weakened as much as 2.27 per cent to 16,200 per U.S.
File photo: Indonesian rupiah bank notes are seen at a money changer in Jakarta, Indonesia, October 14, 2022. REUTERS/Willy Kurniawan/File photoJAKARTA :The Indonesian rupiah on Tuesday slid to its weakest in four years as the market reopened after the Eid al-Fitr holidays, prompting the central bank to intervene.
While Indonesian markets were closed for the holidays, the U.S. dollar had gained after strong U.S. economic data and rising inflation led markets to push out expectations for when the Federal Reserve could start cutting interest rates. The central bank is intervening especially through the spot and domestic non-deliverable forwards, he added, while boosting attractiveness of rupiah-denominated assets.
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