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Indonesia rupiah hits historic low
The Indonesian rupiah has fallen to an all-time low against the dollar, with the exchange rate surpassing 18,000 rupiahs per dollar for the first time, due to economic pressures and rising energy costs. Additionally, concerns have emerged about the independence of monetary policy following the parliament's approval of a law expanding regulatory powers over the central bank, raising fears about its ability to control monetary policy effectively. In response, the central bank has increased interest rates to combat the decline, but the financial markets have still experienced a downturn amid increasing demand for the dollar, a shrinking trade surplus, and rising energy imports. These factors threaten to fuel further inflation and market instability.
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