Indonesia rupiah hits more than 20 year low

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

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.