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Market Chatter: Indonesian Rupiah Slumps to Record Low

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Indonesia's rupiah weakened up to 1.1% to a historic low of 17,658 per dollar when markets reopened Monday, Bloomberg reported the same day.

Stocks fell to their lowest level in more than a year, declining 4.8%, while yields on benchmark 10-year government bonds rose 17 basis points to 6.86%, according to the report.

The drop in Indonesian assets was reportedly driven by concerns of high oil prices amid the Iran war.

Indonesia's central bank has been putting strategic measures in place to support the rupiah.

Actions include interventions in the foreign exchange market, a reduction in the dollar buying limit, currency swap arrangements, and the activation of a bond stabilization fund.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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