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Jokowi Gathers Financial Committee to Discuss Weakening Rupiah Today

20 June 2024 22:57 WIB

TEMPO.CO, Jakarta President Joko Widodo or Jokowi gathered members of the Financial System Stability Committee (KSSK) to the Presidential Palace on Thursday afternoon, June 20, 2024, as the Rupiah continues to weaken against the US dollar. 

The KSSK members are Minister of Finance Sri Mulyani, Chairman of the Board of Commissioners of the Deposit Insurance Corporation (LPS) Purbaya Yudhi Sadewa, Governor of Bank Indonesia Perry Warjiyo, and Chairman of the Board of Commissioners of the Financial Services Authority Mahendra Siregar.

"Yes, (the meeting is) discussing the Rupiah," said Sri Mulyani.

The rupiah exchange rate against the US dollar opened lower on Thursday ahead of the decision of the Bank Indonesia (BI) board of governors (RDG) meeting. The rupiah fell 18 points or 0.11 percent to Rp16,383 per US dollar. 

"Today, the market is waiting for the results of the BI RDG meeting. This time, some market players predict that BI will adopt a policy to increase interest rates to reduce the weakening of the rupiah," said money market observer Ariston Tjendra to ANTARA in Jakarta on Thursday.

According to Ariston, increasing interest rates would somewhat control the weakening of the Rupiah, but not by much amid the strong US dollar and the Fed’s policy.

Ariston said Rupiah would touch Rp16,450 per US dollar today with support potential at around Rp16,350.

Banking Observer and Payment System Practitioner, Arianto Muditomo, estimates that the Rupiah will continue to weaken and could potentially touch Rp17,000 per US dollar in a worst-case scenario. 

He outlined three factors that caused the weakening of the Rupiah, the first being the US monetary policy to reduce inflation by the Fed. The second factor concerns the outflow of foreign capital that occurs because investors look for higher returns in other countries, especially in developed countries. 

The third factor concerns global uncertainty. "Global uncertainty such as the war in Ukraine and the potential for recession in several developed countries also put pressure on the rupiah exchange rate," he said.

ANNISA FEBIOLA

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