Politics
Jokowi meets finance committee today to discuss weakening rupiah
TEMPO.CO, Jakarta – President Joko Widodo or Jokowi gathered members of the Financial System Stability Committee (KSSK) at the Presidential Palace on Thursday afternoon, June 20, 2024, as the rupee continues to weaken against the US dollar.
The KSSK members are Minister of Finance Sri Mulyani, Chairman of the Board of Commissioners of the Deposit Insurance Company (LPS) Purbaya Yudhi Sadewa, Governor of Bank Indonesia Perry Warjiyo and Chairman of the Board of Commissioners of the Mahendra Siregar Financial Services Authority.
“Yes, (the meeting) discusses the Rupiah,” Sri Mulyani said.
The rupiah exchange rate against the US dollar opened lower on Thursday ahead of the decision of the Board of Governors (RDG) meeting of Bank Indonesia (BI). The rupiah fell 18 points or 0.11 percent to Rp 16,383 per US dollar.
“Today, the market is waiting for the results of the BI RDG meeting. This time, some market players predict that BI will adopt a policy of increasing interest rates to reduce the weakening of the rupee,” said l money market observer Ariston Tjendra to BETWEEN in Jakarta on Thursday.
According to Ariston, a rise in interest rates would control the weakening of the rupee to some extent, but not by much in the context of a strong US dollar and Fed policy.
Ariston said that Rupiah will reach Rp 16,450 per US dollar today with a potential support of around Rp 16,350.
Banking observer and payment system practitioner Arianto Muditomo believes that the rupiah will continue to weaken and could potentially reach Rp 17,000 to the US dollar in the worst-case scenario.
He highlighted three factors that caused the rupee to weaken, the first being the US monetary policy aimed at reducing inflation by the Fed. The second factor concerns foreign capital flight which occurs because investors seek higher returns in other countries, particularly developed countries.
The third factor concerns global uncertainty. “Global uncertainty such as the war in Ukraine and the potential for recession in several developed countries are also putting pressure on the rupee exchange rate,” he said.
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