Indonesia central bank says triple intervention on rupiah

A senior official said on Monday that Indonesia's central bank is always in the foreign market with its triple intervention measures to prevent a fall in the rupiah currency.

Bank Indonesia BI uses the term triple intervention to describe its intervention in the spot, domestic non-deliverable forward and bond markets to smooth the movements of the rupiah.

Edi Susianto, head of the BI's monetary management department, said the rupiah was weak because of market concern about a slowing down of the global economy and potential risk of a recession.

He said that rupiah was still better than many other Asian countries and that we are always in the market with triple intervention to smooth the demand and supply of FX.

The rupiah dropped by 0.6 per cent to 15,125 per dollar on Monday. It has lost 6 per cent against the dollar this year.