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The rupiah fell 4.61% to 15,900 per US dollar at the close on Thursday, its largest one-day drop since October 2008 and its weakest close in history. Capital outflows tied to the COVID-19 pandemic have continued, with Rp 78.76 trillion leaving the bond market from late 2019 to March 17.
Bank Indonesia cut rates again to cushion the economic impact.
Sharp currency depreciation makes dollar-priced feed inputs more expensive for Indonesian buyers, and the outflows add pressure on import-dependent feed and livestock costs. The move also reinforces dollar strength against emerging-market currencies.
cnbcindonesia.comPutu Agus PransuamitraMar 19, 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.
