The Jakarta Post
Large banks sold US$1 at more than Rp 15,000 on Wednesday as external pressure against the currency continues even though Bank Indonesia (BI) had intervened in the market.
Kontan.co.id reports that CIMG Niaga sold $1 dollar at Rp 15,150 on Wednesday, while state-owned lender PT Bank Tabungan Negara (BTN) sold $1 at 14,939, the lowest selling dollar rate among the large banks.
According to the Jakarta Interbank Spot Dollar Rate (JISDOR), the rupiah exchange rate stood at Rp 14,927 per United States dollar on Wednesday, compared to Rp 14,840.00 per US dollar on Tuesday.
Meanwhile, the Jakarta Composite Index (JCI) dropped by 4.4 percent to 5,645 at 2 p.m. on Wednesday, compared to its position in the previous day.
Financial Services Authority (OJK) spokesman Sekar Putij Djarot said the authority intensified its monitoring of the foreign exchange transactions as such activities could further worsen the rupiah exchange rate.
“The OJK is intensifying the supervision in all activities of the financial service sector, including the transaction of foreign exchange,” Sekar said, adding that the supervisory intensification was needed to assure that the value of foreign exchange transaction so each corporation would not exceed the amount what it needed.
Previously, Finance Minister Sri Mulyani Indrawati said the government would punish anyone who tried to stockpile US dollars.
BI Governor Perry Warjiyo announced on Wednesday that since last Thursday up to Monday, the central bank had spent Rp 11.9 trillion to intervene in the market.
He previously said that with the current exchange rate, the rupiah was no longer at its fundamental value. (acr/bbn)