Although the Euro appreciated against the US dollar after positive economic data from Germany and Italy, it was unable to offset the US dollar's dominance over emerging market currencies. Market participants continue to be concerned about the Federal Reserve's possible toning down of its monthly USD $85 billion stimulus program (quantitative easing). These concerns had a negative impact on the currencies of emerging markets, including the Indonesian rupiah exchange rate. The higher BI rate was unable to support the rupiah. In fact, it worsened the decline. The rupiah depreciated 0.80 percent against the US dollar on Tuesday (12/11).

| Source: Bank Indonesia