(Bloomberg) -- Bank of America Corp. raised its Indonesian rupiah forecasts on speculation authorities will allow faster currency gains as the economy accelerates and overseas funds invest.
The rupiah will rise to 8,800 by June, 8,600 by September and 8,500 by the end of the year, from previous forecasts of 9,000, 8,800 and 8,600 respectively, said Bank of America in a research report yesterday. Bank Indonesia spokesman Budi Mulya yesterday said the central bank is comfortable with the currency's level, after policy makers cut the benchmark interest rate to help boost corporate and consumer spending.
Read more at Bloomberg Currencies News
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