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Currency News

Indonesian Rupiah At 3-day High Against U.S. Dollar

The Indonesian rupiah advanced against the U.S. dollar in early European deals on Thursday, as emerging assets saw demand after the Fed sounded dovish by slashing its rate outlook.

The Fed signaled only two quarter-point hikes by the end of 2016, rather than four projected at its December meeting, taking into account an appreciating dollar, the absence of inflation pressures and the negative impact of the global financial turmoil.

The central bank of Indonesia will announce the outcome of its two-day policy meeting today. Most economists expect the bank to cut its benchmark reference rate by 25 basis points to 7 percent to support economic growth.

The Indonesian rupiah strengthened to a 3-day high of 1301 against the greenback, compared to yesterday's closing value of 1327. The rupiah is likely to find resistance around the 128 zone.

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