Bank Indonesia is intensifying oversight of FX trading by Wall Street banks and domestic banks to curb rupiah weakness, sources said. BI has stepped up monitoring to ensure trades are for commercial rather than speculative purposes and said it will increase supervision of large USD purchases by banks and companies; it has urged international banks to bring more dollars onshore and is monitoring seven high-volume FX banks, sources added. The move reflects rising official concern about the rupiah’

Bank Indonesia is intensifying oversight of FX trading by Wall Street banks and domestic banks to curb rupiah weakness, sources said. BI has stepped up monitoring to ensure trades are for commercial rather than speculative purposes and said it will increase supervision of large USD purchases by banks and companies; it has urged international banks to bring more dollars onshore and is monitoring seven high-volume FX banks, sources added. The move reflects rising official concern about the rupiah’s depreciation amid a broader selloff in Indonesian assets driven by investor unease over President Prabowo Subianto’s economic policy direction.