The currency of Indonesia marked its biggest advance in seven-plus months against the U.S. dollar as the trade week began in advance of the national election this week, according to Bloomberg.
Jakarta Governor Joko Widodo, also known as Jokowi, is squaring off against Prabowo Subianto and the race is forecast to be tight as nationals prepare to cast ballots on Wednesday. The two had a debate on Saturday, during which Widodo delivered a strong performance. Subianto formerly was the top official with the special forces.
"The market was probably bracing for a Prabowo win, so this is a relief rally," strategist Irene Cheung with Australia & New Zealand Banking Group Ltd. in Singapore told the news outlet on Monday. "Jokowi's record when it comes to corruption seems better compared to Prabowo, so the debate reflected well on him."
The Indonesian rupiah rose about 1.5 percent against the greenback, marking its top climb since early December.
Reuters reports the rupiah advanced more than 1 percent last week amid speculation that the central bank intervened in advance of the national election.
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