114-8-2023 (JAKARTA) Bank Indonesia, the country’s central bank, has taken action in the spot foreign exchange and domestic nondeliverable forward markets to curb excessive volatility in the Indonesian rupiah currency, according to an official statement made on Monday.
The rupiah experienced a decline of 0.8% against the US dollar earlier on Monday, reaching its weakest level since March at 15,325 rupiah per dollar. Edi Susianto, the head of Bank Indonesia’s monetary management department, stated in an interview with Reuters that the intervention was implemented with the aim of “ensuring a healthy balance between supply and demand”.
