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Indonesian Rupiah Gains as Court Supports Election Outcome

August 22, 2014 at 13:26 by Vladimir Vyun

Rupiah notes and coinsThe Indonesian rupiah advanced today after the country’s Constitutional Court ruled in favor of Joko Widodo, rejecting challenges against the outcome of the July presidential elections.

Prabowo Subianto, another candidate for the presidential seat, challenged the voting outcome, claiming it to be a fraud. The court rejected the allegations, saying that there were no evidences of violations. With the court ruling, the rupiah lost the downward pressure from political uncertainty that was dragging the currency down previously.

USD/IDR fell 0.16 percent to 11,673.30 as of 13:25 GMT today.

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