Why Is the Rupiah Falling Past 18,000 Per Dollar?
The rupiah broke Rp18,000 per dollar on September 29 because US 10-year yields hit a 19-year high above 5.2%, Brent oil is above $100 on US–Iran tensions, and investors are uneasy about Indonesia’s budget. Money is leaving emerging markets for dollar assets, and Bank Indonesia is intervening to slow the slide.
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