Purbaya: The weakening of the Rupiah is partly triggered by speculation about Thomas' nomination at BI

Minister of Finance Purbaya Yudhi Sadewa. (Photo: ANTARA)

JAKARTA - Finance Minister Purbaya Yudhi Sadewa assessed that the weakening of the rupiah against the US dollar on Monday, January 19, 2026 was partly triggered by speculation regarding the independence of BI after Thomas Djiwandono was nominated as a candidate for Deputy Governor of Bank Indonesia (BI).

To note, quoting Bloomberg, on Monday, January 19, the spot rupiah exchange rate closed down 0.40 percent to Rp16,955 per US dollar.

Meanwhile, the BI Jakarta Interbank Spot Dollar Rate (Jisdor) exchange rate closed down 0.33 percent to a price level of Rp16,935 per US dollar.

"So this is probably part of the speculation when Thomas will go there, wow people speculate, he has lost his independence. I think it won't be like that," he told the media, Monday, January 19.

Purbaya emphasized that this weakness does not reflect economic fundamentals, given that the Composite Stock Price Index (JCI) actually strengthened by 0.64 percent to the level of 9,133.87.

"The rupiah will depend on the fundamentals of the economy. You see? IHSG All time high, right? Oh, 9,133," he said.

According to him, the increase in the JCI also shows the inflow of foreign capital, which naturally will support the strengthening of the rupiah.

"If the index rises to that level, there must be foreign flows coming in as well, right? It's impossible to enter alone that can push it to that level. So just wait for the time the rupiah strengthens. Also because the supply of dollars will increase," he added.

Purbaya is optimistic that once speculation subsides, the rupiah will strengthen again in the near future.

"Once you realize (speculation), you will also immediately strengthen the rupiah because we will maintain the economic foundation so that it will improve in the future. Economic growth will be faster, faster, faster," he said.