Indonesia and India intervene to support weakening currencies as oil prices surge
Indonesia and India have intervened in foreign-exchange markets to support their weakening currencies amid rising oil prices. Both countries are facing pressure from a strengthening US dollar and military conflicts in the Middle East. Indonesia raised its benchmark interest rate and imposed dollar purchase caps, while India also deployed its reserves to stabilize the rupee.
- ▪Indonesia's central bank raised its benchmark interest rate by 50 basis points to 5.25%.
- ▪The Indonesian government imposed stricter rules on dollar purchases, capping monthly buys at $50,000 per individual.
- ▪Both Indonesia and India are experiencing pressure on their currencies due to rising energy prices and a strengthening US dollar.
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Indonesia and India intervene to support weakening currencies as oil prices surge Both central banks stepped into foreign-exchange markets to defend their currencies, with Indonesia deploying rate hikes, dollar purchase caps, and billions in reserves. Share Add us on Google by Editorial Team May. 29, 2026 window.sevioads = window.sevioads || []; var sevioads_preferences = []; sevioads_preferences[0] = {}; sevioads_preferences[0].zone = "01f21ccf-2092-46b1-9ac7-8c44cc782e0f"; sevioads_preferences[0].adType = "native"; sevioads_preferences[0].inventoryId = "c5700508-581b-472c-8fdd-a931cdbfc8e1"; sevioads_preferences[0].accountId = "1e47efc1-ec2d-4fca-a8b9-354e249e5095"; sevioads.push(sevioads_preferences); Two of Asia’s largest emerging economies are burning through central bank firepower…
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