Indonesia and India intervened Friday to support their currencies as both face downward pressure from surging energy prices. Despite FX sales, the rupiah fell 0.5% versus the dollar on Friday and is down 7% YTD, the weakest among peer EM currencies. The rupee rose 0.7% on Friday, ending a two-day slide, and is down 5.7% YTD. Bank Indonesia said it will continue around-the-clock, global efforts to stabilise the rupiah via spot FX intervention, non-deliverable forward operations and government bon

Indonesia and India intervened Friday to support their currencies as both face downward pressure from surging energy prices. Despite FX sales, the rupiah fell 0.5% versus the dollar on Friday and is down 7% YTD, the weakest among peer EM currencies. The rupee rose 0.7% on Friday, ending a two-day slide, and is down 5.7% YTD. Bank Indonesia said it will continue around-the-clock, global efforts to stabilise the rupiah via spot FX intervention, non-deliverable forward operations and government bond purchases. Traders said the Reserve Bank of India has sold dollars in onshore and offshore markets and has been intervening in recent days to support the rupee.