macro

Bank Indonesia vows intervention as rupiah hits 18,000 per US dollar - ANTARA News

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DW NOTE

Bank Indonesia has burned reserves defending the rupiah through four separate crises since 2020 — each time vowing "intervention" as the word for orderly retreat. The rupiah crossed 18,000 because Indonesia imports energy, the Strait of Hormuz has been closed for 230 days, and Brent crude is up 70% year-over-year. BI can't intervene against that arithmetic.

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The Indian crude basket hit $123.29 per barrel last week, approaching levels recorded in March 2012, and adding 86% to the price Indian oil marketing companies pay, local media have reported, also noting the effect of a cheaper rupee. Since Indian companies pay for the oil they buy from abroad in U.

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Bank Indonesia vows intervention as rupiah hits 18,000 per US dollar - ANTARA News

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