Despite bond issuances to lure foreign inflows, projected losses persist after US$778 million exited last quarter.
Rising oil prices, higher US yields, and a stronger dollar could negatively impact the net oil-importing nation’s finances and weigh on the rupiah.
The rupiah was one of emerging Asia’s worst-performing currencies last quarter even as the central bank sold new bonds to lure foreign inflows. The spread between Indonesia’s 10-year bonds and similar-maturity US securities is holding near this year’s low, threatening to spur more outflows from local notes.
The rupiah fell 3% in the three months ended September, the biggest decline since the period ended June 2022. Bank Indonesia even introduced new bonds, known as SRBI, but they haven’t yet proved very effective in curbing the currency’s losses.
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