Bank Indonesia raised rates an unscheduled 25 basis points to 5.50% on June 9 as the rupiah touched a record 18,020 to the dollar. The driver isn't a Fed pivot. It's a war premium, and from Jakarta to Pretoria to Seoul, EM central banks are being forced to respond.
Rupiah begins to strengthen after Bank Indonesia's surprise 50 basis point emergency rate hike to 5.50 percent to combat currency weakness. Source
