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Markets

Indonesia's foreign reserves hit two-year low

Central bank running out of options after repeated currency interventions

U.S. rate hikes have put downward pressure on the rupiah, which dipped below 15,000 to the dollar earlier in October.   © Reuters

SINGAPORE -- Indonesia’s foreign reserves have fallen to a level not seen for two years after the central bank's repeated interventions in the currency market to defend the rupiah.

Given the pace of the decline, some market watchers believe the bank's strategy may soon become unsustainable.

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