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Rupiah plunges to 27-year low as central bank intervenes
Bloomberg reported today (March 25) that Indonesia’s rupiah has plummeted by 0.5%, reaching 16,642 IDR per US dollar, its lowest level in nearly 27 years—since June 1998, during the 1997-1998 Asian financial crisis.
In response to the sharp depreciation, Bank Indonesia has stepped in to intervene in the currency market to stabilize the rupiah.
