JAKARTA (Yosefardi) – The rupiah slightly declined (0.02%) to Rp13,825 against the US dollar in early trade this morning. The currency has touched Rp13,840 this morning. The rupiah has fallen 11.6% year to date.
Finance Ministry Bambang Brodjonegoro claimed the current rupiah level is mainly caused by the speculating trading. He then ensured that the rupiah will recover with the recent cabinet resuffle would help supporting the sentiment on the rupiah.
Bank Indonesia has been trying to stabilize the exchange rate by maintaining the market. BI will continue to stabilize the exchange rate. However the rupiah is now expected to remain weak due to looming higher US interest rates.