Indonesia's central bank is tightening restrictions on dollar purchases again to support the rupiah. Governor Perry Warjiyo announced on Tuesday that the threshold for requiring underlying documents for dollar buyers will be lowered from $50,000 to $25,000 per month.
The move comes as the rupiah hit an all-time low of 17,445 per dollar earlier Tuesday, even after Southeast Asia's largest economy reported faster-than-expected first-quarter GDP growth.
Warjiyo said the rupiah is undervalued given Indonesia's economic fundamentals. Bank Indonesia will continue intervening in onshore and offshore forex markets.
As of April, BI had already halved the document threshold from $100,000 to $50,000. The governor did not specify when the new $25,000 limit takes effect.