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The rupiah weakened 0.53% to 13,751 per US dollar on February 28, its weakest level against the greenback in about two years. The move followed Federal Reserve Chair Jerome Powell's hawkish first congressional testimony, which lifted the dollar to a three-week high.
Markets now expect three Fed rate hikes this year, starting in March.
A firmer dollar and weaker rupiah raise the local-currency cost of imported feed ingredients such as soymeal and corn for Indonesian buyers. Expected Fed tightening keeps pressure on emerging-market currencies.
indonesia-investments.comIndonesia InvestmentsFeb 28, 2018Not 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.
