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Jokowi maintains confidence despite rupiah depreciation
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Confidence boost: President Joko "Jokowi" Widodo delivers remarks during the 100 Indonesian Economists Forum on Tuesday in Jakarta. (Antara/Puspa Perwitasari)
P
resident Joko "Jokowi" Widodo said Tuesday that the weakening value of the rupiah against the United States dollar was not a reflection of the country's economic fundamentals.
Speaking at a seminar in Jakarta, President Jokowi said Indonesia’s economic performance should not be measured solely by the value of the rupiah against the greenback.
"The exchange rate of rupiah per US dollar is not an accurate benchmark [to measure economic strength], but the value against our trading partners' [currency] is," he said.
The value of the rupiah against the greenback has been declining over the past couple of weeks, following the victory of Republican candidate Donald Trump in the US presidential election.
Coordinating Economic Minister Darmin Nasution echoed the President's view, adding that the exchange rate between two currencies should be interpreted in relation to the size of their bilateral trade. (hwa)
