The intervention comes after the rupiah dropped below 17,700 per the United States dollar in spot trading on Tuesday, extending losses from the preceding day as global and domestic economic pressures weighed on sentiment.

Finance Minister Purbaya Yudhi Sadewa said the government had begun to gradually buy sovereign bonds to shore up investor confidence and stabilize debt prices.

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“We have entered the bond market gradually. Foreign investors have also started coming back, so conditions should stabilize in the coming weeks,” he told reporters at the State Palace on Monday.

“I asked for Rp 2 trillion to [inject into] the bond market every day,” Purbaya said, without providing details on how the intervention was being carried out.

President Prabowo Subianto was expected to formally outline the broader economic stabilization strategy before the House of Representatives soon, he added.

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