Thailand
Indonesia: Rupiah Weakens, Bappenas: Indonesia is Considered Same as Turkey
TEMPO.CO, Jakarta – Today, Rupiah has weakened to Rp14,600 per USD. The head of the National Planning and Development Agency (Bappenas) Bambang Brodjonegoro said it was caused by the investor consolidation due to the exchange rate depreciation of the Turkish currency, Lira.
“Indonesia and Turkey are considered as emerging markets, so in these initial stages, there must be some kind of consolidation from the investors in seeing the emerging markets,” Bambang said at Royal Kuningan Hotel, South Jakarta, Monday, May 13.
Bambang said the consolidation was reasonable but it balanced towards the rupiah and he will monitor this in the future.
Bambang believes that Indonesia should be considered different from Turkey. Because Indonesia has the independence of the Central Bank.
“Because Turkey does have an element of intervention from the government towards the central bank. In addition, Indonesia’s inflation rate is around 3-4 percent, far different from Turkey that reached 10 percent. So it will provide a tremendous difference,” Bambang said.
According to RTI Business, at 06:44 pm, the exchange rate was Rp14,629 or decreased 0.99 percent after was opened at Rp14,486.
Jakarta Insterspot Dollar Rate Bank Indonesia (JISDOR BI) noted the rupiah was at the level of Rp14,583. It shows a significant weakening compared to last Friday, which was at Rp14,437.
The rupiah had reached Rp14,503 per US$ on August 3 but gradually strengthened in the following week by reaching Rp14,481 on August 6. The exchange rate continued to strengthen to Rp14,422 on August 9, before finally, it weakened again.
CAESAR AKBAR
Source: https://en.tempo.co/read/news/2018/08/14/056920783/Rupiah-Weakens-Bappenas-Indonesia-is-Considered-Same-as-Turkey