The Indonesian Rupiah reached its lowest level in five weeks at 15,350 against the US Dollar. However, the central bank of Indonesia, Bank Indonesia, intervened to prevent the currency from falling any further.
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USD/IDR retreats from the five-week high of 15,350, marked earlier in the day, as Bank Indonesia (BI) defends Rupiah (IDR) traders from high volatility heading into Monday’s European session. Following the BI meddling, the Indonesia Rupiah pair drops to 15,325, retreating to the day-start levels by the press time.
That said, Reuters quotes statements from Edi Susianto, head of BI’s monetary management department, while suggesting the Indonesian central bank’s money market operations to defend the IDR.
“Indonesia’s central bank has intervened in the spot foreign exchange and domestic non-deliverable forward markets to prevent high volatility in the rupiah currency,” said BI’s Edi Susianto per Reuters.
While citing the aim for the BI’s move, the Indonesia central bank official also added to, “ensure a good balance of supply and demand.”
Also read: Indonesia: GDP expected to expand more than 5% this year – UOB
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