(Insider Stories) - Indonesia’s central bank (CB) raised $240 million on Thursday from its fifth foreign exchange swaps auction, far below the $1.996 billion raised in the previous one a week earlier.

The weighted averages on the swaps were Rp 48 for one-month and Rp 324.63158 for six-month. There were no winning bids for three-month.

CB introduced forex swaps auctions after a heavy sell-off in Indonesian assets in June, during which the bank spent $7 billion to defend the rupiah.

Forex reserves in July suffered a $5 billion loss, as the central bank intervened in markets to defend the rupiah, the worst performer among Asia’s emerging currencies last year.