THE rupiah took a nosedive during the Lebaran (end of the fasting month) holiday. While the financial markets in Jakarta were closed for eight days, the rupiah was battered relentlessly in off-shore markets. It breached the psychological threshold of Rp16,000 per United States dollar when Indonesians were enjoying traditional Lebaran dishes, chicken curry with ketupat (rice cake). 

When the Jakarta market was reopened on Tuesday, April