BI: Rupiah Depreciation Aligns with Majority of Emerging Market Currencies
Jakarta (ANTARA) - Bank Indonesia (BI) confirms that the rupiah exchange rate movement since the start of the Middle East conflict up to now, which has breached the Rp17,400 per US dollar level, remains in line with the majority of other emerging market currencies.
“The Philippine peso has weakened by 6.58%, the Thai baht by 5.04%, the Indian rupee by 4.32%, similarly the Chilean peso (-4.24%), the Indonesian rupiah (-3.65%), and the Korean won (-2.29%),” said the Head of the Monetary and Asset Management Department of BI, Erwin Gunawan Hutapea, in a written statement in Jakarta on Tuesday.
BI states that it will continue to be present in the market to ensure that market mechanisms function well in order to maintain the rupiah exchange rate stability in accordance with its fundamental value.
The central bank is also continuously optimising interventions in the foreign exchange market through non-deliverable forward (NDF) transactions in the offshore market, spot transactions and domestic non-deliverable forward (DNDF) in the domestic market, as well as purchases of Government Securities (SBN) in the secondary market.
“These steps are carried out consistently to maintain rupiah exchange rate stability amid ongoing global pressures,” said Erwin.
BI also reaffirms its commitment to always be present in the market and take necessary steps consistently and measurably to maintain rupiah exchange rate stability.
The US dollar exchange rate against the rupiah was at around Rp17,426 per US dollar on Tuesday (5/5) at 10.41 WIB, referring to the spot price in the global foreign exchange market.
Based on the latest data, Indonesia’s foreign exchange reserve position at the end of March 2026 was recorded at $148.2 billion, down by $3.7 billion from the February 2026 position of $151.9 billion.
Although down, BI ensures that this amount is equivalent to financing 6.0 months of imports or 5.8 months of imports and government foreign debt payments, and is above the international adequacy standard of around 3 months of imports.