Rupiah Strengthens Against the US Dollar After Jokowi’s Financial System Meeting

rev, CNBC Indonesia

Market

Tuesday, 10/24/2023 15:12 IWST

Photo: Illustration of the United States dollar (USD). (CNBC Indonesia/ Muhammad Sabki)

Jakarta, CNBC Indonesia – The Rupiah strengthened against the United States (US) dollar after President Joko Widodo (Jokowi) summoned the Financial System Stability Committee (KSSK) to the State Palace.

Reporting from Refinitiv, the rupiah closed at IDR 15,845/US$ or strengthened 0.53%. This position has broken the trend of weakening of the rupiah which has occurred for four consecutive days, to be precise since October 18 2023.

Meanwhile the US dollar index (DXY) at 14.57 WIB strengthened by 0.09% to 106.62. This figure is higher than the close of trading yesterday (23/10/2023) which was at 105.53.

Yesterday (23/10/2023), President Joko Widodo (Jokowi) summoned the Financial System Stability Committee (KSSK) to the State Palace, Monday (23/10/2023), to provide an update on the current situation and developments in the global economy. This meeting was held amidst news of the weakening of the Rupiah against the United States (US) Dollar.

Present at the meeting was Minister of Finance Sri Mulyani accompanied by the Governor of Bank Indonesia (BI) Perry Warjiyo, Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Mahendra Siregar, and Chairman of the Board of Commissioners of the Deposit Insurance Corporation (LPS) Purbaya Yudhi Sadewa.

For your information, KSSK will release a policy package to respond to the current economic situation. Especially those caused by the global worsening and impact on the Indonesian economy and financial markets.

“We will continue to synchronize monetary and fiscal policies so that in situations where the trigger is a country like the United States, the impact on our economy can be mitigated and minimized. Both on the exchange rate, inflation, as well as economic growth and financial system stability,” explained Sri Mulyani at the end. meeting.

Meanwhile, Jokowi revealed that the depreciation experienced by the rupiah currency recently was still within safe limits.

According to Jokowi, the weakening of the rupiah is still safe for various sectors ranging from real estate to banking. He further said that the depreciation that occurred was still safe for inflation.

“If we look at the percentage depreciation of our currency, it is still safe,” said Jokowi at today’s meeting, Tuesday (24/10/2023).

Apart from that, Jokowi also underlined that the Indonesian economy was able to grow above 5% when other world economies experienced a slowdown, some even contracted.

CNBC INDONESIA RESEARCH

[email protected]

(rev/rev)

2023-10-24 08:12:19
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