Update COVID-19 in Indonesia: 70,736 confirmed infections, 3,417 deaths (9 July 2020)
6 July 2020 (closed)
USD/IDR (14,512) +26.00 +0.18%
EUR/IDR (16,454) +50.48 +0.31%
Jakarta Composite Index (5,052.79) -23.38 -0.46%
The Indonesian rupiah exchange rate continued its recent appreciating trend on Monday (17/02). Based on the Bloomberg Dollar Index, the currency strengthened 0.39 percent to IDR 11,785 per US dollar at 16:00 local Jakarta time. Main reason for this renewed confidence in the rupiah is Indonesia's current account deficit, which eased significantly by the end of 2013. According to Bank Indonesia, the deficit eased from 4.4 percent of gross domestic product (GDP) in the second quarter of 2013 to 1.98 percent of GDP in Q4-2013.
Another factor that contributed to a stronger rupiah was record new credit in China at the start of the year. China's banks disbursed 1.32 trillion yuan (USD $217 billion) of new local-currency lending, the highest level since 2010 and higher than the market expected (1.1 trillion yuan). New credit is estimated to help China's economy maintain momentum.
The central bank's Jakarta Interbank Spot Dollar Rate (JISDOR) appreciated 1.43 percent to IDR 11,716 per US dollar on Monday (17/02). The yield on government bonds due March 2024 declined 19 basis points to 8.43 percent, the lowest level since 1 January 2014.| Source: Bank Indonesia