Indonesia's forex reserves decline $1.5 billion

Indonesia's foreign exchange reserves fell $1.5 billion in July to $118.3 billion, partly because of central bank intervention to defend the rupiah, Bank Indonesia (BI) said on Tuesday. The end-July reserves level was equal to 6.9 months of imports, above the international adequacy standard of three months, the central bank said in a statement.
BI said reserves were used in July to defend the rupiah
"amid high uncertainty in the global financial market" and pay for the government's external debt.