The Indonesian rupiah was little changed, hovering around 16,730 per dollar on Wednesday as traders awaited the central bank’s monetary policy decision later in the day. Bank Indonesia is widely expected to hold its benchmark rate steady at 4.75%, keeping October’s stance after 150bps of cuts over the past year to support government efforts to accelerate growth. President Prabowo Subianto aims to lift economic growth to 8% during his term, compared with about 5% before the pandemic. Even so, Governor Perry Warjiyo noted that lending rates have eased by only around 15 bps, reflecting banks’ caution and depositors’ demand for higher returns. The local currency has weakened roughly 3.8% against the dollar so far this year, making it one of the laggards in emerging Asia. On the global front, the dollar index held steady, standing near 99.6 amid fading expectations of a near-term Fed rate cut due to sticky inflation, while investors awaited key US data for direction.