Indonesia raises rates in unscheduled meeting to rescue the rupiah

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In an emergency monetary policy meeting today, Bank Indonesia hiked its reference rate by 50 basis points to 7%, and the deposit facility rate to 5.25% from 4.75% in a bid to cushion the depreciating rupiah.

The central bank's measures come a week after the ministry of finance unveiled a fiscal reform package, which a number of market participants denounced as failing to address the short-term volatility in the rupiah. The Indonesian currency has been the second worst-performing currency in Asia

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