Indonesia’s central bank unexpectedly raised its 7-day reverse repurchase rate by 25 bps to 6.25%. The move aims to stabilize the rupiah amid a global economic downturn and keep inflation within the target range of 2.5% ± 1% for 2024 and 2025. The rupiah recently hit a four-year low, prompting central bank intervention. Inflation rose to 3.05% in March, the highest in seven months.