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2026-05-29 19:49:08
[Energy Price Surge Impacts Local Currencies, Indonesia and India Intervene] (1) On Friday, Indonesia and India intervened to support their currencies as soaring energy prices put downward pressure on both countries' currencies. (2) Despite authorities selling foreign exchange, the Indonesian rupiah fell 0.5% against the US dollar, depreciating 7% year-to-date, leading the decline among emerging markets. The Indonesian central bank stated that it would achieve “all-weather, global” exchange rate stability for the rupiah through spot market intervention, non-deliverable forward operations, and the purchase of government bonds. (3) The Indian rupee rose 0.7% on Friday, ending a two-day losing streak, and has depreciated 5.7% year-to-date. According to informed traders, the Reserve Bank of India has been intervening in the past few days by selling US dollars in both offshore and onshore markets to support the rupee.
