Indonesia’s central bank has intervened “boldly” in the foreign exchange market as the rupiah hovers around five-year lows amid concerns over a sluggish economy and President Prabowo Subianto’s big-budget policies.
The attempt to boost investor confidence in south-east Asia’s largest economy comes a day after Jakarta’s main stock index fell as much as 7.1 per cent to its lowest point since 2021.
Equities recouped some of those losses on Wednesday, gaining about 1 per cent. However, the rupiah declined as much as 0.7 per cent against the dollar.
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