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Jakarta – The rupiah exchange rate throughout the day has been strengthening. Bank Indonesia (BI) said the strengthening of the rupee today was intense enough to reach 1430 rupees, then closed at the level of 14,375 rupees or strengthened compared to Wednesday's closing (28/11).
Executive Director of the BI Monetary Management Department, Nanang Hendarsah, explained that the boost was triggered by the statement by US Central Bank Governor Jerome Powell, who softened his views or the political stance of the key interest rate. become neutral.
"Powell's statement strengthens, convincing the market that the upward trend of the FFR is coming to an end.After December's rise, the market believes that there will only be one increase in 2019, "Nanang told the BI Building, central Jakarta on Thursday (11/29/2018).
He added that the opening of trade agreements between the United States and China has made the market more optimistic. In addition, the two countries will negotiate at the G20 meeting in Argentina at the end of November.
According to him, the two main global factors, namely the expectations of the Fed's interest rate hike and the tension of the trade war that continues to intensify and that from April onwards to September 2018, continued to put pressure on the rupee.
"At that time, it created a more conducive climate for the creation of a stable exchange rate in rupees, with the possibility that the rupee would strengthen," he added.
In addition, the continued decline in world oil prices has also contributed to the improvement of exchange rates. The world price of oil, which has reached 50 US dollars a barrel, could reduce in the future the pressure on the deficit of the oil and gas trade balance of Indonesia.
He revealed that BI had examined the impact of the global momentum on strengthening the rupee and perceived a large space for strengthening. Indeed, the rupee has weakened significantly in 2018, so the current strengthening is still quite reasonable.
"This strengthening of the rupee also demonstrates increased confidence of global investors in the Indonesian economy, through consistent monetary and fiscal policy responses. careful responding to global and national challenges, including controlling the current account deficit, "he added.
He added that global capital flows on the secondary market of SBN in November 2018 had reached 31 800 billion rubles and that in 2018 (cumulative) they had reached 63 trillion pesos.
Quote data Reuters US dollar registered at 14,369 IDRs with the lowest level recorded today at IDR 14,324. Then, according to the data of the interbank dollar exchange rate of Jakarta (Jisdor), it was recorded at 14,408 rupees.
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(kil / fig)
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