Indonesia rupiah rises 2.5 per cent to near 7-week high

[SINGAPORE] Indonesia's rupiah jumped more than 2 per cent to a near seven-week high on Wednesday as local stocks and bond prices extended gains.

The rupiah rose as much as 2.5 per cent to 13,900 per dollar, its strongest since Aug 21.

Government bond prices rallied with the 10-year yield down to 8.710 per cent, the lowest since Aug 20. Jakarta stocks rose 0.7 per cent.

Foreign investors on Tuesday bought Indonesia's bonds for higher yields on fading expectations that the US Federal Reserve may raise interest rates within this year. Indonesian equities also saw foreign inflows.

REUTERS