BI Asked to Secure Rupiah from Plunging Deeper

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  • TEMPO.CO, Jakarta - Bank Indonesia (BI) is expected to maintain the rupiah exchange rate from deeper corrections. DBS Bank economist Gundy Cahyadi said the central bank must be more involved in preventing the rupiah to weaken further as Indonesia's export performance is also slow-moving.

    External factors affecting the rupiah are Greece's fiscal restructuring conditions and investors' anticipation of the Fed's policy over interest rates. Domestically, the rupiah is receiving sentiments from an increased forex transaction for debt settlements and seasonal dividend payments in the second quarter.

    The central bank, said its communications director Tirta Segara, will continue to maintain the stability of the exchange rate in accordance with its fundamentals.

    Previously, the central bank opted to maintain the BI Rate at 7.5 percent. Lending and deposit interest rates are also kept at their previous levels of 5.5 percent and 8.0 percent.

    Based on Reuters' data yesterday, the rupiah was traded at Rp13,371 to Rp13,418 per US dollar.