Indonesia Rupiah Down Despite Credit Rating Agencies Nod

        0230 GMT [Dow Jones] Indonesia's rupiah is weaker Thursday, despite economists and credit rating agencies lauding the central bank's preemptive move to raise interest rates right after fuel prices were hiked. USD/IDR has thus bounced off the 12,110 technical floor where the daily Ichimoku Cloud support and the entrance to the Bollinger downtrend channel meet to create a strong support. The overall rise of the U.S. dollar in Asia--mainly due to the Japanese yen falling sharply for a prolonged period--has hampered rupiah appreciation. The government's budget-trimming cut in fuel subsidies and Bank Indonesia's anti-inflationary interest rate hike make Indonesia appear more stable from a fiscal perspective and, therefore, more attractive to foreign investors seeking high-yielding government bonds. USD/IDR is now 12,165 from its Wednesday close of 12,145. (ewen.chew@wsj.com)
        (END) Dow Jones Newswires

        November 19, 2014 21:30 ET (02:30 GMT)

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