JAKARTA (Reuters) – Indonesia’s central bank is always present in the foreign market with its “triple intervention” measures to prevent any excessive depreciation of the rupiah, a senior official said on Monday.
Bank Indonesia (BI) uses the term “triple intervention” to describe its intervention in the spot market, the non-deliverable domestic bond markets forward to calm rupee moves.
Eddie Susianto, head of cash management at the investment bank, told Reuters the rupee was weakening due to market concerns about a global economic slowdown and the possibility of a recession.
“We are always in the market with a tripartite intervention to smooth demand and supply in foreign currencies,” he said, adding that the rupee is still performing better than many other Asian countries.
The rupee fell as much as 0.6 percent on Monday to 15,125 to the dollar. It has lost about 6% so far this year against the dollar.