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Indonesia, India Intervene to Support Currencies; IDR Falls 0.5%, INR Rises 0.7% on May 29

GateNews
Forex
According to Jin10, Indonesia and India intervened to support their currencies on May 29 amid energy price pressures. Indonesia's rupiah declined 0.5% against the US dollar despite central bank forex sales, while the Indian rupee rose 0.7%, ending two consecutive days of losses. The Bank of Indonesia stated it would continue stabilizing the rupiah through spot forex market interventions, non-deliverable forward operations, and government bond purchases. India's central bank sold dollars in both offshore and onshore markets to support the rupee. Year-to-date, the rupiah has depreciated 7% against the dollar—the worst performer among emerging market peers—while the rupee has declined 5.7%.
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