Indonesian rupiah drops after Jakarta blasts-traders | world | Hindustan Times
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Indonesian rupiah drops after Jakarta blasts-traders

world Updated: Jul 17, 2009 09:39 IST

Reuters
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The Indonesian rupiah fell 0.7 percent to 10,200 per dollar on Friday after explosions at two Jakarta hotels that killed six people, prompting state banks to sell dollars to support the unit, traders said.

"There was a bit panic in the market this morning after the explosions and investors tried to covered their short dollar positions," said a trader in Jakarta..

"The market was quite short on the dollar yesterday because the rupiah was stronger," added the trader.

Traders suspected dollar-selling by state-owned banks to help stabilise the rupiah.