The rupiah has dropped 10% to the dollar this year despite four rate hikes; policymakers plan to increase tourism receipts, greater use of biodiesel to stem expenditure on oil imports and come up with strategies relating to imports and exports.
JAKARTA: Indonesia’s government has made a fresh appeal to the country’s exporters to exchange their holdings of foreign currencies to help support the tumbling rupiah, as Turkey’s financial crisis sparks fears of emerging market contagion.
The rupiah slipped another 0.2% on Thursday to 14,625 to the dollar, quickly shrugging off a surprise rate increase by the central bank the previous day, its fourth hike so far this year to take pressure off the currency.
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