Video: Positive Response to BI Governor Candidate, Can the Rupiah Strengthen Further?

The Composite Stock Price Index (IHSG) fell more than 1% to the 6,200 level on Tuesday (11/08), while the Rupiah weakened 0.48% to Rp 17,835 per US Dollar. The pressure on Indonesia’s financial markets was partly driven by global sentiment, specifically fading hopes for peace in the Strait of Hormuz, which pushed up world oil prices and increased risk aversion in financial markets. Domestically, market participants were also anticipating the MSCI rebalancing. However, the announcement of Destry Damayanti as the sole candidate for Bank Indonesia Governor was received quite positively by market players, with the Rupiah seen as having the potential to strengthen to the Rp 17,600 to Rp 17,400 per US Dollar range.