Bisnis.comJAKARTA – Currency rupiah is said to be at the level of IDR 16,000 per dollar AS at the opening of trading next Tuesday, (16/4/2024).
Forexindo Futures Profit Director Ibrahim Assuaibi said that the rupiah currency on the international market had actually reached the level of IDR 16,000 per US dollar.
However, because domestic trade is currently on Eid holiday, trade data still shows the level of IDR 15,848 per US dollar.
“The Rupiah is weakening internationally, but the domestic market is currently closed. “So, when it opens later, it can go straight to IDR 16,000 because fluctuations during this long holiday are quite high,” said Ibrahim BusinessFriday (12/4/2024).
Ibrahim further stated that the weakening of the rupiah currency was purely a global factor. Where the US dollar crept up due to geopolitical conditions and US economic data that were far from economists’ estimates.
Even though the rupiah is weakening, Ibrahim said that Bank Indonesia will intervene, one of which is through the country’s foreign exchange reserves. In previous research, he also said that Indonesia’s foreign exchange reserve position in March 2024 would continue its downward trend.
Bank Indonesia (BI) reported that Indonesia’s foreign exchange reserves at the end of March 2024 reached US$ 140.4 billion, a decrease compared to the position at the end of February 2024 of US$ 144.0 billion.
The decline in the position of foreign exchange reserves was influenced, among other things, by government foreign debt payments, anticipation of corporate foreign exchange liquidity needs and the need to stabilize the rupiah exchange rate in line with the continued high uncertainty in global financial markets.
Despite the decline, the position of foreign exchange reserves remains high. In addition, Bank Indonesia also assesses that foreign exchange reserves are capable of supporting the resilience of the external sector and maintaining macroeconomic and financial system stability.
Going forward, Bank Indonesia views that foreign exchange reserves will remain adequate, supported by maintained national economic stability and prospects, in line with the synergy of the policy mix response adopted by the Central Bank and the government’s role in maintaining macroeconomic and financial system stability to support sustainable economic growth.
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