Strong Manufacturing PMI Helps Indonesia Rupiah Stabilize

        0418 GMT [Dow Jones] The Indonesia rupiah is a tad weaker at 12,190 from its Tuesday close of 12,180 but mostly stable Wednesday despite another 4-year high chalked up by the benchmark U.S. dollar index overnight. A sharp rebound in Indonesia's September manufacturing PMI to 50.7 from 49.5 in the previous month may have helped avert further risk aversion and thereby rupiah weakness. Over the past month, the rupiah has declined 4.1% versus the U.S. dollar due to broad U.S. dollar strength and deteriorating investor confidence in the incoming government. Recent legislative moves by political rivals of president-elect Joko Widodo suggest that they will attempt to delay economic and structural reform. This may adversely affect investor demand for high-yielding rupiah assets. (ewen.chew@wsj.com)
        (END) Dow Jones Newswires

        October 01, 2014 00:18 ET (04:18 GMT)