Rupiah Continues to Strengthen to Rp14,804

Jakarta, MINA — The movement of the rupiah exchange rate traded between banks in Jakarta on Tuesday afternoon continued to strengthen by 163 points to reach Rp14,804 compared to the previous position of Rp14,967 per US dollar, Antara News reported.

Bank Rully Nova, a money market observer at Bank Woori Saudara Indonesia Tbk, said on Tuesday that a bilateral agreement between Bank Indonesia and the Singapore Central Bank with a value equivalent to US$ 10 billion was responded positively by the market.

“The agreement will make access to liquidity in foreign currencies strong,” he stated.

The cooperation, he continued, could maintain financial stability in the country, which would ultimately increase investor confidence in the Indonesian financial market.

Economist of Samuel Sekuritas, Ahmad Mikail, added that Indonesia`s economic data for the third quarter of 2018, which grew to provide positive expectations for market players, had an impact on the appreciation of the rupiah.

“The economic growth in the third quarter of 2018 is still enough to encourage positive expectations for investors,” he explained.

Meanwhile, the central exchange rate of BI today (Nov 6) recorded that the rupiah strengthened to Rp14,891 compared to the previous (Nov 5) position of Rp14,972 per US dollar. (T/RS5/RS1)

Mi’raj Islamic News Agency (MINA)