Indonesian Rupiah Exchange Rate Stabilized in June 2020; Central Bank Cuts Key Rate Again
The Indonesian rupiah exchange rate stabilized in June 2020, which must be a major relieve for officials, both at the central bank (Bank Indonesia) and the government.
At the end of the first quarter and start of the second quarter, Indonesia’s rupiah had been at a two-decade low, hence bringing back the traumatic memories of the Asian Financial Crisis in the late 1990s. However, starting from the second week of April 2020, the rupiah started to recover. This recovery period continued up to the start of June 2020, after which the rupiah rate started to stabilize (albeit with a modestly weakening trend).
Based on Bank Indonesia’s JISDOR rate, the rupiah started June 2020 at the level of IDR 14,769 per US dollar, and ended the month at the position of IDR 14,302 per US dollar, hence the rupiah appreciated 3.16 percent against the greenback in June.
Indonesian Rupiah versus US Dollar (JISDOR):| Source: Bank Indonesia
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