USD/IDR Flat After Bank Indonesia Cuts Interest Rates

The Indonesian rupiah was about flat versus the US dollar today after Indonesia’s central bank lowered interest rates.
The Bank Indonesia lowered its benchmark 7-day Reverse Repo Rate by 25 basis points to 5.5% today. The central bank reduced other interest rates by 25 basis points as well. The statement cited the following reasons for the decision:

The policy is consistent with low inflation projected below the midpoint of the target corridor, attractive returns on domestic financial investment assets that support external stability, as well as a pre-emptive measure to safeguard economic growth momentum moving forward against the impact of global economic moderation.

USD/IDR was little change at $14,239 as of 15:38 GMT today.

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