Bank Indonesia is facing mounting pressure to raise interest rates on Wednesday as economists revise their forecasts upward after global index provider MSCI warned it may downgrade the country’s stock market from emerging-market to standalone status, triggering a massive selloff in stocks and the rupiah. Citibank now expects a pre-emptive 50 basis-point increase to 6.25%, while Capital Economics and Permata Bank forecast a 25 basis-point hike to 6%. The rupiah weakened to 18,030 per dollar, near its June record low, falling about 8% this year.
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