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Bank Indonesia intervened in the spot market on September 2 to smooth rupiah volatility, and the rupiah dropped over 1.5% to a nine-day low of 14,820 per dollar. The move also reflected a broad dollar recovery after strong US ISM manufacturing data.
A sharp rupiah sell-off raises the local-currency cost of imported feed ingredients for Indonesian buyers. The move was mostly driven by the dollar's broad strength, so its effect on global feed prices is limited.
forexcrunch.comFX StreetSep 2, 2020Not 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.
