The rupiah immediately fell 7%, with foreign money quickly leaving the country. The investor confidence in Indonesia was shaken, and due to previous deregulations, much of the Indonesian stock market was owned by foreign investors. Local confidence in the currency was also undermined as the population followed suit, selling rupiah for dollars. The spot rate soon fell below the selling rate (i.e. outside the 12% exchange rate band). BI attempted to intervene, but eventually abandoned the managed float on 14 August 1997, leaving the rupiah to float freely. The rupiah–US dollar rate was at 2,436 rupiah to one dollar on 11 July. It fell to 2,663 by 14 August and 2,955 by 15 August – a 122% fall. Government debt (Bank Indonesia Certificates or SBI) rose from 12% to 30%, and overnight call rates reached 81% (per annum).