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RUPIAH WEAKENS IN ACCORDANCE WITH BANK’S REVISED PROJECTION

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The rupiah weakened 26 points, or 0.19 percent, to reach Rp14,139 per US dollar, from Rp14,113 per US dollar.

Greatindonesia.co.id, Jakarta – The rupiah exchange rate traded between banks in Jakarta on Tuesday (2/7/2019) afternoon weakened, as the World Bank projected a downward revision of Indonesia’s economic growth this year, from 5.2 percent to 5.1 percent.

The rupiah weakened 26 points, or 0.19 percent, to reach Rp14,139 per US dollar, from Rp14,113 per US dollar.

“The slowdown in the domestic economy has been observed in the Central Statistics Agency’s report on international trade. In May, exports from Indonesia dropped 8.99 percent year-on-year, while imports tumbled 17.71 percent. Imports dropped, so I am rather restraining myself from expanding,” PT Garuda Berjangka President Director Ibrahim Assuaibi stated in Jakarta on Tuesday (2/7/2019) .

The World Bank has assessed that the risks to Indonesia’s economic growth are increasing along with global tensions weighing on world trade.

Nonetheless, Indonesia’s economic growth this year can still grow 5.1 percent and increase to 5.2 percent next year.

Moreover, the risk appetite of investors began to shrink after yesterday being lifted by the prospects of a peaceful US-China trade. It turned out that the “strong drug” meeting of US President Donald Trump and Chinese President Xi Jinping last weekend was only effective one day, on Monday (July 1) yesterday, he stated.

“The market thereafter seemed to be stepping on earth again when it realized that real trade peace, poured in black and white, still required a lengthy negotiation process,” Ibrahim stated.

The rupiah opened higher by Rp14,124 per US dollar in the morning. During the day, the rupiah hovered in the range of Rp14,124 per US dollar to Rp.14,146 per US dollar.

In the meantime, Bank Indonesia’s middle exchange rate on Tuesday showed the rupiah weakening to Rp14,140 per US dollar as compared to Rp14,117 per US dollar on the previous day. (cit)

FINANCE

RUPIAH STRENGTHENS SLIGHTLY FOLLOWING BI INTERVENTION

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Bank Indonesia (BI) intervened in the foreign currency and bond markets through domestic non-deliverable forwards (DNDF) to stabilize the local unit.

Greatindonesia.co.id, Jakarta – The rupiah strengthened slightly against the United States (US) dollar in the Jakarta interbank market Tuesday (8/10/2019) evening following Bank Indonesia’s intervention in the money market. The rupiah rose one point, or 0.01 percent, to Rp14,162 against the dollar compared to Rp14,163 earlier.

Bank Indonesia (BI) intervened in the foreign currency and bond markets through domestic non-deliverable forwards (DNDF) to stabilize the local unit, PT Garuda Berjangka Director Ibrahim Assuaibi said in Jakarta Tuesday (8/10/2019).

“The intervention has successfully prevented the Garuda currency from weakening although Bank Indonesia announced yesterday the country’s foreign exchange reserves which nosedived by US$2.12 billion to $124.32 billion as of late September compared to a month earlier. The drop is the first in the three past months,” he said.

The country’s foreign exchange reserves fell in September 2019 due to the repayment of the government’s foreign debts and the declining placement of foreign currencies by the banking industry in the central bank which has three times lowered its benchmark interest rate since early this year.

The government paid an interest of Rp172.42 trillion from January to August 2019, up 6.25 percent compared to the same period last year.

On the external side, hope for peaceful trade negotiations between the US and China again became the main topic Tuesday. The latest report shows China is more doubtful of reach a wide-ranging trade agreement.

The trade tension between the two countries escalated several days before the talks began when the US reportedly blacklisted eight Chinese technological companies Monday, October 7, on charges of human rights violations against the Muslim minority in Xinjiang province.

The rupiah opened lower in the morning trade at Rp17,175. Throughout the day, it fluctuated between Rp14.137 and Rp14,175 against the dollar. (cam)

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IHSG INDEX CLOSES LOWER OVER FOREX RESERVE PLUNGE

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The IHSG closed, with net foreign buying recorded at Rp144.84 billion.

Greatindonesia.co.id, Jakarta – The Jakarta composite index (IHSG) closed lower on Monday evening due to a dip in Indonesia’s foreign exchange reserves in September 2019.

The index of the Indonesian Stock Exchange (BEI) plummeted 60.67 points, or one percent, to reach 6,000.58, while the index of the 45 most liquid stocks fell 11.6 points, or 1.23 percent, to 931.04.

“The country’s foreign exchange reserves that declined to US$124.3 billion, from US$126.4 billion, spurred investors into profit taking, thereby causing the IHSG to nosedive,” Binaartha Sekuritas analyst M. Nafan Aji Gusta remarked in Jakarta on Monday (7/10/2019).

An hour after opening stronger, the IHSG weakened and remained in the red zone all through the day.

The IHSG closed, with net foreign buying recorded at Rp144.84 billion.

Trade on Monday was recorded, with 445,575 transactions, and 17.22 billion shares, worth Rp7.39 trillion, changing hands. Gainers were outnumbered by decliners, with 131 shares against 272 shares, with 139 shares remaining unchanged.

Regional markets, such as the Nikkei Index, plunged 34.95 points, or 0.16 percent, to 21,375.25, while the Straits Times Index strengthened 21.12 points, or 0.69 percent, to 3,099.48. (cam)

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INDONESIA’S FOREX RESERVES DIP TO US$124.3 BILLION AT 2019 SEPT-END

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Director of the Communication Department of Bank Indonesia, Junanto Herdiawan.

Greatindonesia.co.id, Jakarta – Indonesia’s foreign exchange (forex) reserves were recorded at US$124.3 billion at the end of September 2019, a drop from $126.4 billion during the corresponding period a month earlier.

At $124.3 billion, the September-end forex reserves stood above the international adequacy standard of three months of imports and was equal to 7.2 months of imports or seven months of imports and official external debt payments.

“Bank Indonesia assesses that foreign exchange reserves are able to support the resiliency of the external sector and maintain the stability of macroeconomic and financial systems,” Director of the Communication Department of Bank Indonesia Junanto Herdiawan noted in a statement in Jakarta on Monday (7/10/2019).

Herdiawan emphasized that the dip in forex reserves in September 2019 was chiefly influenced by the payment of government foreign debt and reduced placement of foreign exchange banking at Bank Indonesia.

Going forward, he affirmed that Bank Indonesia views foreign exchange reserves to remain adequate, bolstered by stability and a favorable economic outlook. (abh)

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