Saturday, 7 Syawwal 1441 / 30 May 2020

Saturday, 7 Syawwal 1441 / 30 May 2020

Rupiah opens stronger on rise in BI rate

Jumat 21 Dec 2018 12:46 WIB

Red: Reiny Dwinanda

Money exchange service.

Money exchange service.

Foto: Republika/Agung Supriyanto
Rupiah was transacted at the level of 14,475 per U.S. dollar on Friday morning.

REPUBLIKA.CO.ID, JAKARTA -- The Indonesian currency rupiah was stronger in the opening of interbank transaction on Friday trading. It was transacted at the level of 14,475 per U.S. dollar gaining 22 points from earlier level of 14,497.

Economist of Samuel Aset Manajemen, Lana Soelistianingsih, said the decision of Bank Indonesia (BI) to maintain its benchmark interest rate "7-Day Reverse Repo Rate" at 6 percent was seen as positive by the market players.

"The policy is an instrument to keep rupiah stability at the same time to attract investment especially portfolio investment to return to th Indonesian stock market," Lana said.

She said the market players also appreciated the confidence of Bank Indonesia that the present interest rate is still consistent with the effort to bring down current account deficit to a safer level and to maintain the attractiveness of the domestic financial assets.

She said on Friday morning, Asian regional currencies like yen of Japan, Hong Kong dollar and Singapore dollar opened stronger against the U.S. dollar giving positive sentiment that strengthened rupiah.

Meanwhile, analyst of CSA Research Institue Reza Priyambada said the market players did not reacted positively to the decision of the Fed to raise its fund rate by 25 basis points to 2.50 percent resulting in pressure on the U.S. dollar.

"The increase in the fund rate of the Fed was seen as bringing about no significant change to the U.S. economic development on the contrary the result is a slowdown," Reza said.

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