Indonesia’s central bank raised its benchmark interest rate a fourth time since May in a surprise move aimed at underpinning the currency as volatility sweeps across emerging markets, Bloomberg reports. Bank Indonesia’s head of monetary management Nanang Hendarsah told Reuters that the central bank “is in the market” guarding the rupiah. He added that it would also begin to regularize its foreign exchange swap with banks in a bid to reduce currency hedging costs. On Tuesday, President Joko Widodo told state-energy holding company Pertamina to buy all the country’s oil production to reduce oil imports and to strengthen the rupiah. Indonesia’s oil production amounted to 771,000 barrels of oil per day (bopd) in the first half of 2018, forcing the country to import more than half of its oil needs of 1.6 million bopd, according to a report by The Jakarta Post.