Monday Afternoon Rupiah Has Touched IDR 16,550 Per US Dollar

Illustration. (Photo: Bank Indonesia)

JAKARTA - The rupiah exchange rate is getting weaker in the face of the United States dollar (US), due to concerns over the spread of the corona virus or COVID-19 outbreak. Monday, March 23 this afternoon, the rupiah was observed to have touched the level of Rp. 16,550 per US dollar.

The rupiah weakened 3.70 percent or 590 points compared to the close on Friday, March 20 at the level of Rp15,960 per US dollar.

The rupiah is getting closer to its worst all-time record which was previously printed on June 17, 1998, at the level of Rp. 16,650 per US dollar.

During this year, Garuda's currency has dropped 19.35 percent. Given that on December 31, 2019, the rupiah was still calm at IDR 13,866 per US dollar.

Until now, the rupiah is still under pressure from the spread of the corona virus. On the other hand, the rupiah is also blocked by a current account deficit that still looms.

BI stated that it continues to strengthen the rupiah exchange rate stabilization policy in accordance with its fundamentals and the operation of market mechanisms.

"To that end, Bank Indonesia continues to increase the intensity of stabilization in the DNDF (Domestic Non Deliverable Forward) market, spot market, and purchases of SBN (Government Securities) from the secondary market," said BI Governor Perry Warjiyo last week.