Oil

Insight: Indonesia’s oil purchasing power under strain from currency dip

Indonesia’s Pertamina continues to see its purchasing power in the international oil markets deteriorate as its domestic currency, the rupiah, extends sharp losses against the US dollar, a trend that is forcing the state-run energy firm to buy cheaper gasoline grades and cut crude imports. The US dollar/rupiah exchange rate surged above Rupiah 14,700 this week, the highest level since September 29, 2015, and up by more than 8% from