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In the recent Asian crisis, large exchange rate adjustments and, for the case of Indonesia, a currency depreciation occurred that dwarfs most previous depreciations observed under conditions of modest inflation levels. From its value prior to the onset of the Asian crisis in June 1997 (Rp. 2400 per U.S. dollar) to its March 1999 level (Rp. 8800), the Indonesian Rupiah lost almost 80 percent of its value. At its low point it had lost about 85 percent (Rp. 15,000 in July/August 1998). This caused an increase in traded goods prices of 3.7 times or 270 percent at the March exchange rate. Furthermore, this depreciation was abrupt in its timing in that most of the fall took place from October 1997 to May 1998. Devaluation was experienced under conditions of relative balance in the prior macroeconomic situation which is not only unusual in historical context but is somewhat unique among other Asian countries experiencing this crisis.
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