“Bank Indonesia is present in the market to ensure the rupiah exchange rate reflects its fundamental value through a sound market mechanism,” said Erwin Gunawan Hutapea, Head of BI’s Monetary Management and Securities Department, in a statement in Jakarta on Monday.
To support this, BI continues to strengthen its stabilization measures, including non-deliverable forward (NDF) interventions in the offshore market and interventions in the domestic market through spot transactions, domestic non-deliverable forwards (DNDF), and secondary market purchases of government securities (SBN).
In addition, BI is ensuring adequate rupiah liquidity by providing access to liquidity for banks through repo transactions, foreign exchange swaps, secondary market SBN purchases, and lending or financing facilities.
At the opening of Monday’s trading session in Jakarta, the rupiah was recorded at IDR 16,472 per US dollar, appreciating by 28 points or 0.17 percent from Friday’s closing level of IDR 16,500 per US dollar.
Previously, at the opening of Friday’s session, the rupiah had weakened slightly by 1 point, or 0.01 percent, to IDR 16,354 per US dollar from the previous level of IDR 16,353.
According to Mirae Asset economist Rully Arya Wisnubroto, the recent depreciation of the rupiah was partly driven by negative sentiment stemming from protests in several parts of Jakarta.
He added that the rupiah’s correction in recent weeks was also largely influenced by global factors.
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Translator: Rizka, Azis Kurmala
Editor: M Razi Rahman
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