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Indonesia rupiah hits more than 20 year low

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The Indonesian rupiah fell to its weakest level against the dollar in more than 20 years on Monday, prompting the country’s central bank to say that it will intervene.

Bank Indonesia said on Monday it is intervening in the foreign exchange and bond markets, according to a Reuters report.

The rupiah fell to 14,777 per dollar on Monday, its weakest level since 1998 and a 8.93 percent drop since the start of the year.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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