The Indonesian Rupiah moved up to 9235 against the dollar on the news of S&P upgrading its rating outlook. The Rupiah this year gained 6.15% against the dollar, with the country’s central bank raising interest rates. Indonesia ’s interest rates are now the highest of the 14 major Asia-Pacific countries.
The central bank has raised the reference interest rate six times sine July to keep inflation under check. It now stands at 12.75%. The currency markets for the Rupiah witnessed hectic activity as speculators took long position in the currency.
By raising interest rates continuously, the Indonesian central bank has ensured that it sends out the right signals to the international community in maintaining a stable value for its currency, taming inflation and creating an enabling macroeconomic environment.
To read more about the Rupiah, click here.
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