Indonesian Rupiah Drops on Oil Concern: World’s Biggest Mover

Indonesia’s rupiah fell, the biggest fluctuation of any currency today, as the government buys more dollars to increase subsidies of crude oil.

Indonesia is the only member of OPEC that is a net importer of crude. The government has been paying state oil company PT Pertamina in U.S. dollars to cut fuel prices for the nation’s 238.5 million people. Aburizal Bakrie, the top economics minister, said on Aug. 19. Bakrie said today that reducing subsidies may help strengthen the rupiah.

Bloomberg