The Indonesian rupiah declined today, demonstrating the biggest drop in almost six years, on speculations that the central bank does not do enough to prevent currency’s depreciation.
Indonesian President Susilo Bambang Yudhoyono said today:
We need to keep the rupiah exchange rate against the dollar from weakening further.
For now, the Bank Indonesia did not act to stop further depreciation. The rupiah plunged as much as 3.2 percent to 11,515 per dollar today, posting the biggest slump since November 2008, before recovering a little.
USD/IDR jumped from 11,145 to 11,215 as of 14:32 GMT today.
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