Rupiah at Four-Year Low Triggers Intervention, Rate Hike Talk
- Bank Indonesia intervened in spot, domestic NDF markets
- Rate hike may be back on table if pressure persists: Barclays
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Bank Indonesia intervened in the currency market to steady the rupiah after it fell to a four-year low amid a broad dollar rebound and heavy bond outflows.
The currency pared its losses to trade little changed Tuesday. It had slipped almost 0.5% in morning trading to 15,963 per dollar, the lowest since April 2020. Global funds withdrew some $1.7 billion from Indonesian bonds in the first quarter, the most since the three-months through September 2022.