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Bank Indonesia Governor Perry Warjiyo said the central bank cannot leave the rupiah to market forces and must intervene using foreign exchange reserves. He said a large currency swing would hurt the economy through inflation and could force rate hikes.
The remarks were made at the ASEAN Fest 2023 event in Jakarta, with the dollar still above Rp 15,300.
Continued reserve-funded intervention shows the central bank is prepared to defend the rupiah, which limits sharp currency moves that affect the cost of imported feed. The effect on commodity prices is minor.
teletrade.orgAug 22, 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.
