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Rupiah Drops After Global Funds Cut Holdings of Indonesia Bonds

Indonesia’s rupiah snapped a two-day rally after overseas investors reduced holdings of the nation’s bonds.

Global funds sold 3.3 trillion rupiah ($365 million) more local notes than they bought last week, according to finance ministry data. The Bloomberg-JPMorgan Asia Dollar Index declined the most in a week as euro-area finance ministers haggled in Brussels over the terms of new loans that are vital for Greece to avoid bankruptcy.

“The rupiah is being driven by events surrounding Greece,” said Enrico Tanuwidjaja, a Singapore-based senior currency analyst at Malayan Banking Bhd. “Investors are waiting for a deal in Europe to be finalized.”

The rupiah declined 0.5 percent to 9,067 per dollar as of 9:26 a.m. in Jakarta, according to prices from local banks compiled by Bloomberg.

The yield on the government’s benchmark 10-year bonds was little changed at 5.25 percent, according to data compiled by Bloomberg. The yield has climbed 20 basis points since Feb. 9, when Bank Indonesia cut its benchmark reference rate by 25 basis points to 5.75 percent.

“The bond markets are consolidating,” Tanuwidjaja said. “The 10-year yield has corrected to about 20 basis points higher, so that could drive an outflow of funds.”

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