TEMPO.CO, Jakarta – Following yesterday's cabinet reshuffle, the rupiah inched up on Thursday morning, August 13. The Jakarta Interbank Spot Dollar Rate (JISDOR) moved up by 26 points to Rp13,735 per US dollar compared to its previous position of Rp13,761 per US dollar.
"The rupiah correction has begun to subside after Bank Indonesia (BI) entered the foreign exchange market to help with US dollar supplies in a bid to stabilize fluctuations," Samuel Sekuritas economist Rangga Cipta said here on Thursday, August 13.
Rangga said the rupiah depreciation has gone too deep (overshoot) as of recently. BI's intervention is expected to maintain rupiah's fundamental against the greenback.
Responding to these developments, BI is expected to continue to stay in the market, creating more efforts to curb the correction and stabilize the exchange rate.
ANTARA | RR