Indonesia rupiah breaches 11,000/dlr, first time in over 4 years
SINGAPORE (REUTERS) - The Indonesian rupiah's indicative prices weakened past 11,000 per dollar support on Tuesday, for the first time in more than four years, on dollar demand from local companies after a record trade deficit.
The indicative spot fell 0.7 per cent to 11,050 to the greenback, the weakest since April 2009.
It has been firmer than the 11,000 level since the period, according to Thomson Reuters data.
However, banks in Indonesia have been buying dollars above the level on behalf of their local corporate clients, although the central bank was spotted selling the dollar below that level, traders said.