Februarys Weakening Rupiah Is Normal: Central Bank

Bank Indonesia said the depreciation of the rupiah in February is still within a normal range, as the global market continues to fluctuates in the expectation of a planned interest rise by the US Federal Reserve, the central bank said on Thursday (08/02).

The rupiah fell 0.5 percent to 13,602 against the US dollar on Thursday from 13,533 on Wednesday, according to data from Bank Indonesia. The fall is the sharpest so far this year.

The rupiahs exchange rate in the 2018 state budget is set at 13,400 per US dollar.

This is a normal adjustment [in the rupiah]. A rise in the fund rate is expected in March, so there is already a pressure in February, Mirza Adityaswara, the central banks senior deputy governor, told reporters.

Mirza said the market now expects the US Federal Reserve will increase interest rates three to four times this year following improvements in the US labor market and the subsequent expected increase in inflation and yields of US state bonds.

Mirza believed the rupiahs adjustment will only be temporary and that Indonesia has more than enough foreign exchange reserves to deal with market outflows.

Indonesias foreign exchange reserves in January were valued at $131.98 billion, the highest ever in its recorded history, showing that the country has been more than able to maintain economic stability and stand up to pressures from the global economy.

The deputy governor also said Indonesias private sector has proved to be resilient since around 90 percent of the companies have hedged their foreign currency-denominated debts after Bank Indonesia told them to do so in 2015.


Source : Jakarta Globe

Feb 10, 2018

Bank note current rate:
  currency buy sell
GBP 18,850 19,150
AUD 10,525 10,740
HKD 1,691 1,752
USD 13,500 13,700
MYR 3,425 3,510
CAD 10,550 10,825
SGD 10,150 10,400
EURO 16,650 16,850
SFR 14,400 14,650
YEN 126 128.30
NZD 9,800 10,000
THB 421 443
NT 446 476
WON 11.77 12.75
DKK 2,130 2,265
SEK 1,595 1,685
BND 10,100 10,400
NOK 1,658 1,740
SAR 3,488 3,655
PHP 245 265
RMB 2,066 2,163
INR 163 211
RUB 182 242
AED 3,587 3,730
   Last Updated :24 Feb 2018 - 09:35 AM
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