KONTAN.CO.ID - SINGAPORE. Indonesia's rupiah led declines among emerging Asian currencies on Monday after the country overtook China with the most confirmed coronavirus cases in East Asia, while the resignation of a fifth cabinet member in five days hit the Thai baht. The rupiah lost 0.8% against the dollar to hit a two-month low, while shares gave up half a percent, as traders worried that the actual infection rate could be even higher. Bank Indonesia, which cut interest rates for the fourth time this year last week, on Monday forecast an economic contraction of between 4% to 4.8% year-on-year for the second quarter, predicting a "U-shaped" recovery from the pandemic.
Rupiah dives as virus cases surge, politics hurt baht
KONTAN.CO.ID - SINGAPORE. Indonesia's rupiah led declines among emerging Asian currencies on Monday after the country overtook China with the most confirmed coronavirus cases in East Asia, while the resignation of a fifth cabinet member in five days hit the Thai baht. The rupiah lost 0.8% against the dollar to hit a two-month low, while shares gave up half a percent, as traders worried that the actual infection rate could be even higher. Bank Indonesia, which cut interest rates for the fourth time this year last week, on Monday forecast an economic contraction of between 4% to 4.8% year-on-year for the second quarter, predicting a "U-shaped" recovery from the pandemic.