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Rupiah Declines for Fifth Week on Stock Outflows; Bonds Advance

Indonesia’s rupiah fell, dropping for a fifth week, after foreign funds pulled money from local stocks and demand for the dollar increased before the end of a shortened week. Government bonds advanced.

The currency matched a three-year low yesterday as overseas investors sold $68 million more local shares than they bought that day, exchange data show. Euro-area finance ministers will convene an “extraordinary meeting” on Nov. 20 to discuss Greece’s financing needs.

“There is strong demand for the dollar from corporates,” Artanavaro Gasali, head of global markets at PT Bank ICBC Indonesia in Jakarta, said by telephone. “Greece is a big issue affecting the major markets.”

The rupiah fell 0.1 percent today and this week to 9,634 per dollar as of 3:32 p.m. in Jakarta, prices from local banks compiled by Bloomberg show. Financial markets will be shut tomorrow and Nov. 16 for public holidays. The currency touched 9,668 yesterday, matching levels reached on Nov. 12 and Nov. 7 that were the weakest since October 2009.

One-month implied volatility, which measures exchange-rate swings used to price options, dropped 10 basis points, or 0.1 percentage point, to 4.7 percent.

Greece yesterday sold 4 billion euros ($5.1 billion) of bills before 5 billion euros of debt comes due on Nov. 16. Prime Minister Antonis Samaras today said the government is fighting for more than 31 billion euros of aid.

The yield on the government’s 7 percent bonds due May 2022 fell five basis points to 5.42 percent, the lowest level since February, according to Inter Dealer Market Association. The yield dropped 14 basis points this week.

The Southeast Asian government plans to sell an undisclosed amount of 10-year dollar-denominated Islamic bonds at a yield of 3.5 percent, according to people familiar with the matter who asked not to be identified because the terms aren’t set.

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