Indonesia pushes biodiesel plan to stop currency tanking

"We are intervening," Nanang Hendarsah, Bank Indonesia's head of monetary management told Reuters when asked about whether BI was in the currency market to defend the rupiah.

JAKARTA: Indonesia’s president called on Tuesday for the immediate implementation of a plan to widen the use of biodiesel that his economic ministers hope will cut the country’s fuel import bill by billions of dollars and halt a decline in the rupiah currency.

Joko Widodo also sounded an alarm on the foreign exchange reserves of Southeast Asia’s largest economy, less than a week after he pleaded with exporters to bring home earnings they currently keep offshore to stem the slide in the rupiah.