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Rupiah Weakens for Fifth Day on Current-Account Deficit Concern

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Nov. 21 (Bloomberg) -- Indonesia’s rupiah fell for a fifth day as concern Southeast Asia’s largest economy hasn’t been able to rein in its current-account deficit damped demand for the nation’s assets. Government bonds declined.

Overseas funds sold $34 million more local shares than they bought in the first two days of the week, exchange data show, while local stocks fell for a third day. Bank Indonesia sees a current-account shortfall of 2.2 percent of gross domestic product in the fourth quarter, compared with 2.1 percent in the preceding three months, Perry Warjiyo, executive director for economic research and monetary policy, said Nov. 13.

“Capital inflows are very limited,” said Nurul Eti Nurbaeti, head of treasury research at PT Bank Negara Indonesia in Jakarta. “There is still attention from foreign investors on our current-account deficit.”

The rupiah declined 0.2 percent to 9,648 per dollar as of 3:07 p.m. in Jakarta, prices from local banks compiled by Bloomberg show. One-month implied volatility, which measures exchange-rate swings used to price options, held at 4.70 percent.

The yield on the government’s 7 percent notes due May 2022 rose one basis point, or 0.01 percentage point, to 5.42 percent, according to prices from the Inter Dealer Market Association. The rate has risen two basis points this week.

To contact the reporter on this story: Liau Y-Sing in Kuala Lumpur at yliau@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net