DJAKARTA, December 16 -- A volcano in central Indonesia has erupted, ejecting columns of thick ash as high as 7,500m into the sky.
Mount Soputan, located on the northern part of Sulawesi island, erupted twice Sunday morning, according to the national disaster agency's spokesman, Sutopo Purwo Nugroho. He said in anticipation of hot ash and lava sliding down the slope of the volcano, local residents have been urged to avoid activities near the volcano. Soputan is one of Indonesia's more than 120 active volcanoes.
Indonesia, an archipelago of more than 260 million people, is prone to earthquakes and volcanic eruptions due to its location on the Pacific "Ring of Fire".
NEW YORK, November 6 -- The Indonesian rupiah rose the most since June 2016, as one of the most battered emerging markets in Asia started to show signs of revival.
The currency jumped as much as 1.3 percent to 14,790 against the dollar, extending a recovery first seen last week when optimism over a potential U.S.-China trade deal lifted developing markets. The 10-year bond yield fell by 13 basis points.
“There’s a strong buying spree among foreign investors for Indonesian bonds and stocks, with many apparently realizing that the domestic fundamentals are more resilient than anticipated, particularly on government bonds,” said Satria Sambijantoro, an economist at PT Bahana Sekuritas in Jakarta. The rupiah is also being aided by expectations that foreign-exchange reserves rose in October before the data due Wednesday, he said.
Foreign funds have been snapping up Indonesian assets in recent weeks as faster-than-forecast growth and relatively benign inflation of about 3 percent bolstered demand. The rupiah has also been shored up by the introduction of a domestic market for non-deliverable forwards, which is aimed at reducing dollar demand in the offshore NDF market and deterring hoarding of the U.S. currency.
The benchmark 10-year bond yield dropped 35 basis points last week, the biggest decline since June, while the rupiah is up 2.8 percent for the month, the best performance in Asia.
Indonesia reported economic growth of more than 5 percent for a seventh straight quarter on Monday, shrugging off a series of rate hikes by the central bank. Bank Indonesia will next meet on Nov. 15.
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