Indonesian rupiah falls to all-time low, Bank Indonesia pledges "precise intervention" in the foreign exchange market

```htmlGolden Ten Data reported on May 13 that Bank Indonesia has pledged to carry out “precise interventions” in the foreign exchange market after the rupiah fell to a historic low. Bank Indonesia Senior Deputy Governor Destry Damayanti stated on Tuesday evening local time: "Bank Indonesia is committed to continuing to participate in the market through spot trading, domestic and overseas non-deliverable forward (NDF) trading, and optimizing all monetary policy tools to ease rupiah pressure." She pointed out that high oil prices, along with an increased demand for US dollars domestically to repay foreign debt, repatriate dividends, and cover costs for Islamic pilgrimages to Saudi Arabia, are putting pressure on the rupiah. "Bank Indonesia expects these seasonal factors to gradually fade and help the rupiah return to its fundamental level." However, she did not mention specific exchange rate levels. She also noted that foreign capital inflows into Bank Indonesia rupiah securities and government bonds are improving. On Tuesday, the rupiah fell to a historic low of 17,525 rupiah per US dollar, and has dropped nearly 5% so far this year, making it one of the worst-performing currencies among emerging markets.```