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Worries about rising global yields, rising oil prices and slowing domestic growth in Indonesia pushed the Indonesian rupee to nearly two and a half lows on Tuesday, causing the country's stock market and bond market to be sold.
The Indonesian rupee IDR= touched the weakest level since December 2015, reporting 14043 rupees, extending the decline of more than 5% for three months, although Indonesian authorities intervened in the market to support the rupee exchange rate.
The day before the latest fall, Indonesia announced 5.06% of its first quarter economic growth, weaker than expected and brought new pressure to the market, before investors had been worried about the capital outflow of the high yield rupee bond market in Indonesia.
As the rupee fell, the Indonesian stock market.JKSE fell 1.7% to one year low on Tuesday, with Indonesian bond yields rising all the way, and the index of 10 - year bonds rose to 7.16%. 38% of Indonesian government bonds are held by overseas investors.
"At this time of rising oil prices, the market responds to Indonesia's economic risk." Fakhrul Fulvian, analyst at Trimegah Securities, said.
In the past three months, the Indonesian market has exceeded other Asian countries on the occasion of US debt yields and the rise of the dollar, although the markets of India, Philippines, Thailand and Malaysia are facing the same outflow of overseas investment.
Dhian Karyantono, a fixed income analyst for Indonesia's future asset securities, pointed out that the rise in Indonesia's rupee and the rise in the Indonesian credit default swap (CDS) have prompted bond market investors to sell Indonesian assets. CDS is a tool contract used by investors to eliminate possible losses in sovereign default.
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