Indonesia central bank intervening in FX market to prevent rupiah appreciation

[JAKARTA] Indonesia's central bank has been intervening in the foreign exchange market to curb strong rupiah appreciation, its deputy governor Sugeng told an economic conference on Monday.

"Lately we've been keeping the rupiah from being too strong so that it doesn't hurt exports," said Sugeng, who like many Indonesians only goes by one name. "We hope this convinces investors that Indonesia is taking measured steps to improve its fundamentals."

The rupiah has gained 1.1 per cent so far this year, but movement has been limited in the past few months.

REUTERS