Indonesia Intervenes to Support Rupiah, India & South Korea Follow

The Indonesian central bank intervened, selling dollars, to support the Indonesian rupiah that was weakened by the pessimistic outlook for the currencies of the emerging markets.
Hartadi Sarwono, Deputy Governor of the Bank Indonesia, said in the interview the central bank “intervened in the rupiah and bond markets”. According to rumors, the Reserve Bank of India also sold dollars after the rupee fell below 48 per dollar for the first time since 2009. The Asian Development Bank cut today its 2011 growth forecast for the Asian countries excluding Japan from 7.8 percent to 7.5 percent as the signs that the global economic recovery is faltering worsened prospects for the region’s assets.
USD/IDR jumped from 8,635.0000 to 8,720.0000 as of 12:45 GMT today and earlier reached 8,765.0000.

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