Rupiah’s fall shows old emerging-market playbook no longer works

On May 5, the rupiah closed at 17,445 per dollar — its weakest level on record — and by evening Bank Indonesia had tightened foreign-exchange rules for the third time in two months. Cash dollar purchases without underlying documentation are now capped at US$25,000, down from $100,000 in March. Bank Indonesia Governor Perry Warjiyo, briefing
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