“We entered the market with a quite bold triple intervention,” Edi Susianto, executive director for monetary and asset securities management at Bank Indonesia (BI) said in a text message Friday.

“Authorities entered the spot, domestic non-deliverable forward and government bond markets to maintain market confidence,” he said.

The rupiah dropped 0.4% to 15,994 per dollar today.

“The depreciation is driven by global sentiment, with the dollar strengthening on the back of a resilient US economy and escalating geopolitical tensions,” Susianto said.

“What BI is doing right now is smoothing out excessive volatilities instead of keeping 16,000 as if it’s a sacred level,” said Josua Pardede, chief economist at PT Bank Permata Tbk in Jakarta.

“The rupiah weakening is normal as all Asian currencies fall against the dollar,“ he said.

The rupiah has slumped more than 5% this quarter, as the resurgent dollar battered Asian currencies.

A BI rate cut that most economists expect to come as early as next week could add more pressure to the rupiah.