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Bank Indonesia intervened in the foreign exchange market on Friday as the rupiah weakened to 16,295 per dollar, its lowest since July 9. Officials attributed the pressure to stronger-than-expected US growth, Pertamina's dollar demand for imports, and corporate fund repatriation.
BI said volatility should be short-lived.
A weaker rupiah raises the local cost of imported feed inputs for Indonesia, but the central bank's intervention limits near-term pressure and the impact on global feed commodity prices is minimal.
brecorder.comReutersJul 26, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
