Meanwhile, the Indonesian rupiah had depreciated 0.65 percent to IDR 13,061 per US dollar based on the Bloomberg Dollar Index at 12:15 pm local Jakarta time. Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) depreciated 0.49 percent to IDR 13,047 per US dollar on Monday (09/03).

Indonesian Rupiah versus US Dollar:

| Source: Bank Indonesia

US economic data that indicate the structural recovery of the world’s largest economy (and thus signal less need for a loose monetary policy) offset the positive market sentiments brought about by Indonesia’s higher foreign exchange reserves (which rose to USD $115.5 billion at end-February), China’s trade surplus (the monthly trade surplus hit a record USD $60.6 billion in February), expectation of positive discussions between Greece and its creditors regarding the former’s debt situation, and the European Central Bank’s quantitative easing program which starts today (this QE program involves the purchase of around 60 billion euros of public and private bonds each month until at least September 2016).

Meanwhile, Indonesia’s finance ministry sold IDR 21.97 trillion (roughly $1.7 billion) of retail Sukuk (retail sharia bonds, or SUKRI), offered to individual Indonesian investors, on Monday (09/03), up from last year’s proceeds of IDR 19.32 trillion. The bonds mature on 6 March 2018 have a coupon of 8.25 percent, lower than 8.75 percent in last year’s issuance. Underlying assets for the SUKRI are government projects included in the 2015 State Budget (APBN 2015).

Robert Pakpahan, Director General of the Finance Ministry’s financing and risk management office said that the government will also issue conventional retail bonds for Indonesian citizens in October 2015 (with an indicative target of IDR 20 trillion).