INDRA rate set at Rp 7,899

JAKARTA (JP): The Indonesian Debt Restructuring Agency (INDRA) set on Monday the exchange rate used to convert private foreign debt at Rp 7,899 to the US dollar for companies joining the agency in April.

The exchange rate was Rp 7,913 to the dollar in March.

INDRA chairman Sumitro said the new rate was taken from the best exchange rate in March and adjusted according to the inflation rates in January and February, which were 2.97 percent and 1.26 percent respectively, and a deflation rate of 0.18 percent in March.

The rupiah was trading at Rp 8,680 to the dollar in Jakarta late on Monday.

Companies joining INDRA pay their dollar-denominated debts in rupiah to INDRA, which then pays international creditors in dollars.