Indonesia’s rupiah dropped by the most in two weeks after the January trade balance unexpectedly swung into deficit, complicating government efforts to trim the current-account shortfall. The rupiah dropped 0.4 percent to 11,631 per dollar as of 9:22 a.m. in Jakarta, prices from local banks show. It fell as much as 0.7 percent earlier, the biggest loss since Feb. 18. The currency’s 4.6 percent gain this year, the best in Asia, threatens to hurt export growth. Global investors sold $30.7 million more local stocks than they bought yesterday, the largest net outflow in a month, after data showed a trade deficit of $431 million, compared with the $421 million surplus estimated by economists surveyed by Bloomberg and the $1.5 billion excess in December. Bonds rose for a sixth day, bolstered by slowing inflation. (IDCPIY)
Posted on: Wed, 05 Mar 2014 01:44:16 +0000
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