JAKARTA (Yosefardi) – The Rupiah fell further 0.41% to Rp14,724 against the US dollar at early market trading this morning. Bloomberg quoted the rupiah has reached Rp14,821 this morning.
In past one month the rupiah has fallen 5.3% and depreciated by 17.36% year to date.
It was reported that US dollar-buying by local importers, US dollar demand for debt payments as well as quarter-end foreign fund repatriation plagued the value of the rupiah.
In recent months Bank Indonesia has been using the foreign exchange reserves in order to defend the rupiah. According to unofficial Bank Indonesia data the country’s forex reserves have fallen by US$12 billion between the end of February and mid-September 2015 due to central bank intervention.