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The rupiah strengthened to Rp 14,881 per dollar, its strongest level since mid-March and up 2.7% on the day. Bank Indonesia held its benchmark rate at 4.5% to prioritize currency stability, and the governor said he was confident the rupiah would strengthen further.
A firmer rupiah lowers the local-currency cost of imported feed ingredients such as soybean meal and corn, easing pressure on Indonesian feed buyers. The move also reflects reduced capital flight, which supports import demand.
thejakartapost.comAdrian Wail AkhlasApr 30, 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.
