Bank Indonesia (BI) is intervening in FX spot, domestic NDF, and bond markets to stabilize the rupiah, which fell to its lowest level since the Asian Financial Crisis. BI is aiming to balance FX supply and demand and maintain market confidence. The rupiah’s weakness is largely due to global uncertainties, including the impact of US trade tariffs and the potential for a more hawkish Federal Reserve, which strengthens the dollar and increases US treasury yields.