Bank Indonesia cut its benchmark interest rate by 25 basis points to 4.50%, its first reduction since 2019. The move came as the central bank aims to support economic recovery from the pandemic. The Indonesian rupiah weakened against the US dollar following the announcement. Meanwhile, Malaysia’s ringgit reached a new record high versus the greenback, boosted by optimism over the country’s economic recovery and the Bank Negara Malaysia’s decision to keep rates on hold.
