Thursday Afternoon Rupiah Strengthened 1.18 Percent To Rp16,305 Per US Dollar

Illustration. (Photo: Bank Indonesia)

JAKARTA - The rupiah exchange rate does not want to be outdone by the Jakarta Composite Index (IHSG). Although not as significant as the JCI strengthening, the rupiah on the spot market on Thursday, March 26 closed up 1.18 percent or 195 points to the level of Rp16,305 per US dollar.

This is in line with what the Governor of Bank Indonesia, Perry Warjiyo, said in a video conference today, Thursday 26 March. According to him, the depreciation of the rupiah against the US dollar in recent weeks has been more temporary.

"The weakening of the rupiah is due to the global panic due to COVID-19. Once there is clarity regarding fiscal and monetary policies, the rupiah will stabilize and strengthen again, ”said Perry.

After previously experiencing weakness, Perry conveyed that the rupiah exchange rate on the foreign exchange market since Tuesday, March 24 to Thursday, has strengthened again and tends to move stable.

"Since last Tuesday, the market mechanism has been going well. Bids and offers take place, and form a good rupiah exchange rate, "he said.

Perry emphasized that Bank Indonesia will also continue to strengthen the rupiah exchange rate stabilization policy in accordance with its fundamentals and the operation of the market mechanism. To that end, Bank Indonesia continues to increase the intensity of stabilization on the DNDF (Domestic Non Deliverable Forward) market, the spot market, and purchases of SBN (Government Securities) from the secondary market.