Indonesian Rupiah Hits Record Low Despite Interventions
The Indonesian rupiah dropped to 17,670 per dollar on Monday as global oil prices rose and local stocks fell following MSCI index removals. Bank Indonesia Governor Perry Warjiyo pledged further market support while President Prabowo Subianto downplayed the impact of the currency decline on citizens.
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Indonesia intervened in currency markets on Monday morning as the rupiah fell 1.2% to a record low of 17,670 per dollar. The decline follows a 2% drop in Jakarta's main stock index and a surge in global oil prices to two-week highs. Investors are weighing the impact of currency depreciation against the government's ability to maintain fuel subsidies and fiscal stability.
