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Indonesian central bank to leave Rupiah to market JAKARTA - The central bank in Indonesia will allow the market to determine the exchange rates for the Rupiah, even if the currency strengthens beyond 9,000 against the dollar, as was said by deputy governor Aslim Tadjuddin on Friday. Soon after his comments, the currency did indeed break the psychological mark and rose to 8,975 per dollar.

There were rumors that the central bank was about to intervene in the market by buying dollars to prevent the Rupiah from rising too fast, especially when it hovers around the 9,000 mark. “In the market, dealers sell on rumors and buy on facts, that’s how they make profit, that’s how dealers work, I was chief dealer before,” said Tadjuddin.

“If the market drives the rupiah rate there, what can we do? We will let them,” he added when he was asked if the bank was to allow the Rupiah to move beyond the 9,000 level. Informa Global Market said in a statement that the central bank appeared to have limited its intervention recently. “His remarks confirm market’s observation that BI intervention has shrunk considerably this week as foreign exchange reserves are close to its year-end target,” it said.

Financial analysis from 4CAST Ltd. said that the exchange rate was pressured by comments made by Bank Indonesia to keep it under the 9,000 level. Dealers said that the weakness of the yen this week and strong economic data from the United States had encouraged investors to sell the low-yielding yen in favor of higher yielding currencies like the Indonesian Rupiah. The currency is getting more attractive even when there are talks about an interest rate cut, this will in turn cause increase for local bonds from abroad.



Posted in Economy @ 07 May 2007 09:23 CET by Jeroen · 'Blog' RSS feed · permalink






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EUR-IDR: 16,590 · 16,620  The Rupiah rate declined since yesterday
@ 17 May 2018 18:12 CET
JPY-IDR: 126.83 · 126.95  The Rupiah rate improved since yesterday
@ 17 May 2018 21:58 CET
MYR-IDR: 3,545 · 3,549  The Rupiah rate declined since yesterday
@ 15 May 2018 08:42 CET
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@ 07 May 2018 07:48 CET
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@ 16 May 2018 09:18 CET
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