Rupiah's Drop to Four-Year Low Prompts Bank Indonesia Support [Yahoo! Finance Canada]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The rupiah fell as much as 0.5% to 16,293 per dollar on Wednesday, its weakest since April 2020. That brings one of Asia's highest yielding currencies below the level which triggered an unexpected interest-rate hike by Bank Indonesia in April to stem the rout. ADVERTISEMENT Central bank Governor Perry Warjiyo reiterated on Wednesday that it will continue efforts to keep the rupiah stable and stem foreign outflows amid market volatility. Seasonal dividends and Hajj pilgrimage outflows, coupled with a narrowing trade surplus, have weighed on the currency. The rupiah is the worst performing emerging-Asian currency this quarter after the Philippine peso. “Lingering fears of EM unwind continue to weigh on the rupiah,” said Moh Siong Sim, a FX strategist at Bank of Singapore. “The local flow picture for the IDR remains quite challenging in the near term amid dividend payouts by Indonesian companies that will continue until mid-July.” The currency will lik
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