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Indonesia's finance minister said on Nov 3 that Bank Indonesia would strengthen measures to stabilise the rupiah and limit imported inflation. The central bank had unexpectedly raised rates by 25 basis points to 6% in October to defend the currency, which had fallen to its weakest level since 2020.
The rupiah rose 0.5% to 15,770 per dollar after the Fed held rates steady.
Official support for the rupiah reduces the risk of a sharp currency-driven rise in Indonesia's feed and food import costs. The policy response has little direct effect on global feed commodity prices.
reuters.comNov 3, 2023Not 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.
