A decline in the currency is probably being curbed by fund inflows into the nation's bond market, said Veni Kriswandi, head of trading at PT Bank Commonwealth. Indonesia plans to raise 500 billion rupiah ($52 million) by offering Islamic securities today, after a debt auction last week drew bids for three times the amount offered.

"The rupiah is going to be in a tight range," said Jakarta-based Kriswandi. "We have some offers coming because of the sukuk auction going on today and we have the usual month-end buyers of dollars."

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