(Bloomberg) -- This week’s slump in Indonesia’s currency has extended a pattern seen over the past decade following the Eid al Fitr holiday.   

The rupiah weakened 0.44% on average against the dollar upon trading resumption during 2014 to 2023, according to an analysis by Bank Mandiri. The currency has slipped in seven of the past 10 years, senior quantitative analyst Reny Putri wrote in a note.  

This year, the rupiah slumped more than 2% as markets reopened on Tuesday and fell again on Wednesday. The moves were a catch-up trade to a surging dollar as traders slashed bets on the Federal Reserve’s policy easing. The currency was also weighed by risk-off sentiment stemming from ratcheting tensions in the Middle East.  

Read More: Bank Indonesia Intervenes as Rupiah Weakens Beyond 16,000

--With assistance from Marcus Wong.

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