Conglomerate Deems Rupiah Depreciation Not to be Dwelled Upon

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  • Theodore Permadi Rachmat.

    Theodore Permadi Rachmat.

    TEMPO.CO, Jakarta - Conglomerate Theodore Permadi Rachmat, also known as TP Rachmat, mentioned the recent rupiah depreciation and the need to not dwell about it. 

    “Don’t dwell about it, items have not gotten expensive. Have prices risen?” said the founder of Triputra Group at Balai Kartini, Jakarta today, Sept. 12.

    According to the Jakarta Interbank Spot Dollar Rate, rupiah’s exchange rate is currently at the level of Rp14,863 per US dollar on Wednesday, September 12.

    Theodore, who is considered to be one of Indonesia’s wealthiest people according to Forbes, suspects that rupiah will maintain its rate at Rp14,800 per US dollar until the end of this year. However, he said that the most substantial element in the business sector is rupiah’s stable exchange rate even if it hits Rp16,000 per US dollar. 

    “The most important thing is not convenience but stability. Even if it rises to Rp15,000, Rp16,000, or Rp14,000, it would not matter as long as there are no drastic rundowns,” said the conglomerate.

    Theodore argues that rupiah depreciation is mostly sparked by external factors, such as the rising economy of the United States of America which caused capitals to find refuge there, and countries that are not prepared to face that situation would be exhausted by it and enter a crisis stage.