Bank Indonesia keeps rate on hold to bolster rupiah

Bank Indonesia keeps rate on hold to bolster rupiah FMTNews FMTBusiness

The rupiah has performed poorly in Asia this month, amid Bank Indonesia’s dollar buffer and a commodity price slump.

The central bank held the seven-day reverse repurchase rate at 5.75% on Tuesday, as seen by all 30 economists surveyed by Bloomberg. The policy rate has been kept steady at that level for six straight months. The rupiah has been one of the worst performers in Asia this month, amid Bank Indonesia’s dollar buffer falling further to a six-month low in June and commodity prices taking a deeper tumble on exports.

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