Bank Indonesia has been warned by analysts and business stakeholders over its “dangerous” strategy of tolerating a weaker currency after the rupiah weakened to below the psychological barrier of 13,000 to the US dollar.The rupiah depreciated 0.4 percent on Thursday to trade at 13,022 against the greenback, according to the Jakarta Interbank Spot Dollar Rate (JISDOR), as growing concerns over China’s economic slowdown clouded the outlook on Indonesia’s exports and potential improvement in its current-account deficit.During the trading session, the rupiah plunged to a level unseen since the 1998 Asian financial crisis, or 13,030 per dollar, according to currency rates …read more
Source: The Jakarta Post
