Jakarta, CNBC Indonesia – Bank Indonesia (BI) reported that the exchange rate of the rupee against the US dollar (US) has depreciated by 8.03% since the beginning of the year (ytd), in line with the increasingly uncertain dynamics of the economy.
BI Governor Perry Warjiyo said that although the rupee has depreciated quite a bit, the situation is still much better than other neighboring countries such as Thailand, India and Malaysia.
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“[Depresiasi] relatively better than the currencies of a number of other developing countries, namely India, 10.42%, Malaysia 11.75% and Thailand 12.55%, “Perry said in a press conference on Thursday (20 / 10/2022).
For information, the rupee exchange rate continued to weaken to its lowest level in 2.5 years. In the ASEAN region, the rupee’s performance was only better than the Vietnamese Dong. The rupee exchange rate is even approaching the Rp level. 15,600 / US $
BI believes that the depreciation cannot be separated from the strengthening of the US dollar and the growing global financial uncertainty due to the aggressive tightening of monetary policy in various countries of the world.
“Responding to inflationary pressures and the global economic slowdown amid perceptions of Indonesia’s positive economic outlook,” he said.
BI stressed that the development of exchange rate supply and exchange rate stabilization policies was conducted according to market mechanisms and their fundamental values, supported by the maintenance of macroeconomic stability.
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