Bank Indonesia (BI) on Thursday raised its benchmark rate by another 25 basis points to 5.75 percent, extending a rapid tightening cycle intended to attract capital inflows and prop up the rupiah.

Bank Indonesia raised its benchmark rate to 5.50% in its third hike in a month, signaling deepening rupiah concerns with implications for crypto markets.

JAKARTA - Indonesia’s central bank raised its benchmark interest rates by 25 basis points on Thursday, just a week after a surprise off-cycle hike, as it seeks to attract fresh…