Exchange Rate in Indonesia
Indonesia - Exchange Rate
Rupiah rebounds in April amid Central Bank intervention
The rupiah traded at IDR 15,400 per USD on 24 April, marking a 7.1% appreciation from the same day of the previous month. The sharp rise was likely driven by some reduction in international uncertainty following massive monetary stimulus plans from major central banks, and FX market intervention by Bank Indonesia.
As analysts at UOB comment: “Stabilization measures and policy mix undertaken by BI, as well as close coordination with the Government and the Financial Services Authority (OJK) have helped stabilise market conditions.”
Nevertheless, the rupiah, which is down 9.9% year-to-date, remains the worst-performing major ASEAN currency so far this year.
Looking ahead, Bank Indonesia believes the currency is still undervalued despite the recent appreciation and sees the rupiah strengthening towards IDR 15,000 per USD by the end of the year, which is broadly in line with FocusEconomics panelists’ forecasts. However, the currency is set to exhibit volatility and remains vulnerable to capital outflows given the high foreign ownership of government bonds and corporate debt
Our panelists see the rupiah ending 2020 at IDR 15,280 per USD and 2021 at IDR 14,555 per USD.
Indonesia - Exchange Rate Data
|Exchange Rate (vs USD)||13,788||13,473||13,568||14,380||13,883|
5 years of economic forecasts for more than 30 economic indicators.
Indonesia Exchange Rate Chart
Source: Thomson Reuters.
|Bond Yield||7.10||-0.05 %||Dec 31|
|Exchange Rate||13,883||0.05 %||Jan 01|
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January 23, 2023
Merchandise exports expanded 6.6% year-on-year in December (November: +5.5% year-on-year).
January 19, 2023
At its monetary policy meeting on 18–19 January, Bank Indonesia (BI) raised the seven-day reverse repo rate by 25 basis points from 5.50% to 5.75%, marking a continuation of its tightening cycle and bringing the total increase in rates to 225 basis point since August.
January 16, 2023
Retail sales increased 0.0% year on year in December (November: +1.3% yoy).
January 10, 2023
Inflation came in at 5.5% in December, up from November’s 5.4%.
January 2, 2023
The Manufacturing Purchasing Managers’ Index (PMI), produced by S&P Global, rose to 50.9 in December from 50.3 in the month prior.