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Indonesia Makes ‘Sizeable’ Intervention to Defend Currency

  • Indonesia’s central bank is using reserves to support rupiah
  • Higher U.S. rates putting pressure on emerging markets
Indonesian Rupiah Banknotes As Home Of Asia's Second-Worst Performing Currency To Overhaul Bank Rules To Guard Against Collapse
Photographer: Brent Lewin/Bloomberg
Updated on

From Indonesia to India, central banks in emerging markets face rising pressure to prop up currencies battling a surging U.S. dollar.

Indonesia’s central bank has intervened in the currency and bond markets by a "sizable" amount, Governor Agus Martowardojo said in a statement overnight. He pledged to take more action to support the rupiah after it slid to a two-year low on Monday.