BI: Rupiah Pressure Today Influenced by Rising Global Uncertainty

Jakarta (ANTARA) - Bank Indonesia (BI) has revealed that the pressure on the rupiah exchange rate today, Thursday (23/4), is influenced by rising global uncertainty, which is also pressuring regional currencies. The rupiah exchange rate against the US dollar briefly touched Rp17,300 per US dollar, before being indicated at around Rp17,293 per US dollar at 12.30 WIB, referring to the global spot price. “Bank Indonesia is always present in the market and will continue to take necessary steps consistently and measuredly to maintain the stability of the rupiah exchange rate,” said BI Senior Deputy Governor Destry Damayanti in her statement in Jakarta on Thursday. Destry noted that the rupiah’s movement is still in line with the region, with a year-to-date weakening of 3.54 per cent. Stabilisation measures are being carried out consistently through interventions in the offshore market (Non-Deliverable Forward/NDF), domestic market (spot and Domestic Non-Deliverable Forward/DNDF), as well as purchases of Government Securities (SBN) in the secondary market. Meanwhile, foreign exchange reserves remain strong at US$148.2 billion as of the end of March 2024. This amount of foreign exchange reserves 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.