Indonesia rupiah, stocks hit multi-month lows after inflation data

A man shows his new Rupiah bank notes, to be given to family members during the Eid festival which marks the end of the holy month of Ramadan, in Jakarta on March 28, 2024. -AFP

Indonesia's rupiah and stocks hit multi-month lows on Monday after stronger-than-expected inflation data, while other Asian stock markets gained as upbeat China manufacturing data stoked optimism about demand in the world's second largest economy.

The rupiah fell as much as 0.4% to 15,910 per U.S. dollar, its lowest since Nov. 1, prompting intervention by the Bank Indonesia (BI) to arrest further declines. The Indonesian benchmark stock index fell 1.8% to its lowest since Jan. 30 as data showed that annual inflation last month rose at the quickest pace in seven months.