BI Scramble to Mitigate Impacts of Rupiah’s Weakening

After breaching the psychological level of IDR16,000, the rupiah remains on its downward trajectory against the US dollar while financial authorities scramble for mitigation measures.

Wibi Pangestu Pratama

20 Apr 2024 - 06.45
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BI Scramble to Mitigate Impacts of Rupiah’s Weakening

Bank Indonesia Governor Perry Warjiyo answered a call from President Joko Widodo (Jokowi) to attend a limited meeting related to the global situation resulting from the Iran-Israel conflict at the State Palace, Tuesday (16/4/2024). JIBI/Akbar Evandio

Bisnis, JAKARTA - The rupiah exchange rate is facing a severe headwind as it hits a record-low since April 2020. In response, financial authorities are developing various strategies to prevent the rupiah from further weakening and to prevent the collapse of the Indonesian financial markets.

The rupiah opened at IDR16,251.5 per US dollar on Wednesday (17/4/2023), dropping 76 points or 0.47 percent, continuing its weakening trend during Tuesday's (16/4/2024) trading which closed at IDR16,175.5 per US dollar or down by 2.07 percent.

Other currencies in Asia also opened weaker on Wednesday’s trading, such as the Hong Kong dollar down by 0.01 percent, the Philippine peso down by 0.21 percent, the Indian rupee down by 0.11 percent, and the Chinese yuan weakening by 0.02 percent. However, some currencies strengthened, such as the Japanese yen up by 0.03 percent, the Singapore dollar up by 0.10 percent, the South Korean won up by 0.69 percent, the Malaysian ringgit up by 0.06 percent, and the Thai baht up by 0.05 percent.

Director at Profit Forexindo Berjangka Ibrahim Assuaibi believes that the strengthening of US economic data is one of the causes of the dollar index strengthening, causing other currencies to weaken, including the rupiah. For instance, US retail sales data rose by 0.7 percent from the previous month.

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