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Jakarta Post

Rupiah under pressure, but it'€™s not alone, says minister

  • The Jakarta Post

    The Jakarta Post

  /   Fri, August 21, 2015   /  04:53 pm
Rupiah under pressure, but it'€™s not alone, says minister (Courtesy of Kompas)

(Courtesy of Kompas)

Finance Minister Bambang Brodjonegoro attempted to steady the market on Friday afternoon, following the rupiah'€™s slide to another record low in the morning, saying that the currency was not the only one that had been under global pressures.

'€œOur rupiah'€™s exchange rate is under pressure, though [that pressure] is not only happening in Indonesia, but also to other currencies,'€ Bambang said, as quoted by Antara news agency.

Bambang said that the government was cooperating with the central bank, Bank Indonesia, to avoid the exchange rate getting worse.

The rupiah exchange rate traded in Jakarta on Friday morning had weakened by 29 points to Rp 13,914 per US dollar, down from Rp 13,885.

NH Korindo Securities Indonesia head of research Reza Priyambada said the rupiah had continued to depreciate against the dollar because investors preferred to cling to the greenback because of the market'€™s uncertainty regarding the US Federal Reserve'€™s plan to increase its rate.

Reza also said that, under current conditions, any strengthening of the rupiah would only be temporary.

However, he expected that the central bank'€™s policy would stop the rupiah from depreciating further. (edn/ika)(++++)

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