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Bank Indonesia Intervention Lifts Rupiah From Lowest Since 2020

  • Authorities are intervening in both spot and forwards markets
  • Central bank initiated Operation Twist to shore up currency

Bank Indonesia stepped in to prop up the rupiah for a second day, joining a host of other policy makers which are pushing back against a surging dollar.

Indonesian authorities are intervening in the spot and domestic non-deliverable forwards markets to prevent the rupiah from weakening excessively, Edi Susianto, executive director of monetary management, said in a text message Tuesday. The currency erased a loss of as much as 0.3% against the greenback after his comments.