Indonesia central bank says conducting "measured intervention" as rupiah falls to lowest since 1998

[JAKARTA] Indonesia central bank said on Monday it is conducting "measured intervention" in foreign exchange markets, after the rupiah fell to its lowest level against the US dollar since 1998.

"We don't do excessive intervention, (we do) measured intervention. We will find a new equilibrium," spokesman Peter Jacobs told Reuters.

"We are not letting the rupiah depreciate too much."

Spot rupiah slid to 12,348 to the dollar on Monday, down nearly 0.5 per cent on the day and taking its decline so far this year to 1.6 per cent.

REUTERS