Peso, Rupee, Baht Move Away! Rupiah Still Stronger

Illustration (Photo: Doc. Antara)

JAKARTA Bank Indonesia (BI) stated that informing the rupiah exchange rate year to date (ytd) was recorded to have strengthened 3.63 percent point to point (ptp) from the level at the end of December 2022.

BI Governor Perry Warjiyo said the score was stronger than the appreciation of the Philippine Peso, Indian Rupees, and Thai Baht of 1.78 percent, 1.11 percent, and 0.42 percent, respectively.

"The rupiah exchange rate is under control in line with the stabilization policy taken by Bank Indonesia," he said at a press conference in Jakarta, Tuesday, July 25.

Perry explained that investor perceptions of Indonesia's economic prospects are also strengthening. This is reflected in the increase in Indonesia's sovereign credit rating outlook by the R&I rating rating agency, from stable to positive, with the rating level maintained at BBB+ (two notchs above the lowest level of investment grade.

"Bank Indonesia continues to strengthen the policy of stabilizing the rupiah exchange rate through triple intervention and twist operation to mitigate the risk of the global financial market uncertainty," he said.

Perry believes that with the easing of global financial market uncertainty, Bank Indonesia estimates that the rupiah exchange rate will strengthen.

"This optimism is supported by the prospect of strong economic growth, low inflation, attractive yields of domestic financial assets, and the positive impact of implementing PP 36/2023 on DHE SDA," he stressed.