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Indonesia rupiah up more than 2 per cent to hit 1-month high
[SINGAPORE] Indonesia's rupiah on Tuesday jumped more than 2 per cent to hit a one-month high on dollar selling by foreign investors, joining other emerging Asian currencies in rising on expectations that the US Federal Reserve may hold off on raising interest rates.
The rupiah rose as much as 2.5 per cent to 14,140 per dollar, its strongest level since Sept 3. The Indonesian currency pared some of the gain to stand at 14,200 as of 0220 GMT versus Monday's close of 14,490.
The currency's one-month non-deliverable forwards (NDFs) advanced against the dollar as foreign investors dumped the greenback around 14,600, traders said.
The NDFs strengthened to as firm as 14,335, compared to the previous close of 14,609.