Rupiah Closes Slightly Up Despite Disappointing Export and Import

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  • TEMPO.CO, Jakarta - Rupiah's interbank exchange rate went slightly up by seven points at the end of Monday's trading session - closing at Rp 13,328 per US Dollar, up from its' previous trading position at Rp 13,335 per US Dollar.

    "The Rupiah is flatlining, with a slight chance of an uptrend after Indonesia manages to post another surplus for the month of May 2015," said an analyst for Bank Himpunan Saudara, Rully Nova, in Jakarta.

    That said, the market is rather unenthusiastic about the news as the surplus is not accompanied by a corresponding increase of Indonesia's exports and imports performance.

    According to the Central Statistics Agency (BPS), Indonesia's export in the month of May stands at US$12.56 billion - 4.11 percent less compared to Indonesia's exports in the previous month, or a 15.24 percent decline compared to Indonesia's exports in May 2014.

    Meanwhile, Indonesia's imports in May 2015 stands at US$11.61 billion - a decline of 8.05 percent compared to April 2015, or a 21.40 percent decline compared to May 2014.

    "The decline of exports and imports is caused by a slowing demand, as Indonesia's economy begins to slow down," said Rully, who said that the government needs to watch out for the declining import of raw materials, as it means that the demand for products could also be in decline.

    It is known that between January and May 2015, imports of raw materials have declined by 18.91 percent. "The economic outlook for the second quarter (Q2) of 2015 is rather bleak, if we use that data as a reference," continued Rully.

    Bank Indonesia's middle rate on Monday stands at Rp 13,333 - compared to Friday's rate that stood at Rp 13,317.