Indonesian rupiah weakens as importers’ dollar demand rises, central bank intervenes

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The Indonesian rupiah dropped on Thursday due to high demand for dollars by local importers, and the central bank has intervened in the market, a Bank Indonesia (BI) official said.

“We have and are doing intervention,” Nanang Hendarsah, BI’s head of monetary management, said.

The rupiah on Thursday morning slipped to 14,630 per dollar, its lowest level in a week and 0.37 percent below Tuesday’s Jakarta close. The onshore market was closed on Wednesday for a public holiday.

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