SINCE early July, the rupiah has suddenly surged. Previously hovering around Rp16,450 per United States dollar, the currency appreciated to below Rp16,100 last week. Naturally, the Federal Reserve’s monetary policy has played a role. The softening inflation in the US in June rekindled optimism that the Fed might lower interest rates. Should the Fed indeed cut rates, we can hope that global investors will once again turn their attention