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Jakarta Post

Rupiah tumbles, but fundamentals strong

  • by Kharishar Khafi Hotli Simanjuntak
Jakarta   /   Fri, March 9 2018   /  12:51 am

The rupiah continued its downward spiral on Thursday, when it traded at around Rp 13,759 to Rp 13,816 per US dollar, its worst performance in the last two years.

The rupiah continued to show its heightened volatility against the greenback despite a decision by Bank Indonesia (BI) to intervene in the market. The central bank reported on Wednesday that its foreign currency reserve fell by 2.97 percent to US$128.06 billion at the end of February from $131.98 billion in January.

Since the beginning of the year, the rupiah has depreciated by 1.47 percent against the US dollar, while other currencies were performing relatively well during the same period.

The Japanese yen had appreciated by 6.11 percent, the Korean won by 2.11 percent, the Singaporean dollar by 2.60 percent and the Thai baht by 3.95 percent.

The rupiah tumbled 1.6 percent in February, the worst per...