TEMPO.CO, Jakarta - Bloomberg data cited on, on spot market trade Wednesday, September 9, rupiah gained 0.13% or 18 points to Rp14.262/US$. The gain was for the first time since August 28, 2015 after the announcement of the government's fiscal policy package plans.
Throughout the day, the rupiah touched the strongest level at Rp14.216/US$ and the weakest at Rp14.271/US$.
In the spot market, the exchange rate has depreciated by 4.98% during the past month. However, since the beginning of the year, the rupiah has dropped 13.14% thinly drifting above the Malaysian ringgit that dropped 18.91% year-to-date.
At the same time, Bank Indonesia (BI) set the rupiah middle rate at the Rp14.244/US$ from the previous day, Rp14.285/US$.
Selling rate set by BI reached Rp14.315/US$, with buying rate at Rp14.173/US$. The reference rate Jakarta Interbank dollar spot rate (Jisdor) also rose to Rp14.244/US$ from Rp14.285/US$.
Strengthening of the rupiah was not independent of the central bank’s monetary policy intervention. Indonesia foreign reserves had eroded US$ 2.2 billion equivalent to Rp31,2 trillion during August 2015.
Until August 31, 2015, Indonesian foreign reserves dropped 2.05% to US$ 105.34 billion. While, at the end of July, BI still recorded foreign reserves at US$ 107.55 billion.