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Markets

Indonesia rupiah drop a "technical correction", BI not yet intervening -official

JAKARTA: A drop in the Indonesian rupiah on Wednesday was due to "technical correction" and the central bank is yet to i

Dec 05 2018

JAKARTA: A drop in the Indonesian rupiah on Wednesday was due to "technical correction" and the central bank is yet to intervene in the market, Bank Indonesia's (BI) head of monetary management Nanang Hendarsah said.

The rupiah weakened by 0.9 percent to 14,425 per dollar at 0610 GMT, after hitting its best level since June earlier this week.

"(BI) has not entered the market up to now. There is still time until 16.00," Hendarsah said, referring to market closing time.

Most Asian currencies weakened on Wednesday as optimism over a U.S.-China trade truce fades.

Copyright Reuters, 2018