Tuesday, June 5, 2007

Indonesian Rupiah Drops on Rate Speculation, Philippine Peso, Ringgit Fall

(Bloomberg) -- Indonesia's rupiah fell to the lowest
in three weeks on speculation the central bank will slow the pace
of interest-rate cuts after making a 12th reduction tomorrow.

Bank Indonesia Governor Burhanuddin Abdullah will reduce the
benchmark rate by a quarter point to 8.50 percent, nine of 12
economists surveyed by Bloomberg News said. The rupiah has gained
about 4 percent in the past three months, raising concern exports
will decline as they become more expensive to overseas buyers.


Read more at Bloomberg Currencies News

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