The Rupiah Weakened, but Not as Severely as Other Currencies

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Adi Ahdiat 23/06/2022 11:00 WIB

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Despite its depreciation, the LPEM FEB UI economist assesses that the rupiah is currently still relatively stable.

Depreciation of the Rupiah and Other Currencies Against the US Dollar (January-June 20, 2022)

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The Rupiah Weakened, but Not as Severely as Other Currencies

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Depreciation of the Rupiah and Other Currencies Against the US Dollar (January-June 20, 2022)

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The monetary policy tightening implemented by the Federal Reserve and several other central banks has caused the currencies of several countries to depreciate against the US dollar.

Indonesia has also experienced this. The Rupiah weakened to around Rp14,800 per US dollar in mid-June 2022, from approximately Rp14,500 the previous month.

However, according to Teuku Riefky, an economist from the Institute for Economic and Community Research, Faculty of Economics and Business, University of Indonesia (LPEM FEB UI), the decline in the Rupiah's value is not as severe as other currencies.

"Although slightly depreciated, the Rupiah is currently relatively stable," Riefky explained in the *Macroeconomic Analysis Series* report released on Thursday (23/6/2022).

Quoting Riefky's notes, from the beginning of the year until June 20, 2022, the Rupiah only depreciated by 4.1% (year-to-date/ytd).

This figure is lower than the depreciation of the Malaysian Ringgit at 5.7% (ytd), the Philippine Peso at 6.1% (ytd), and the Thai Baht at 6.4% (ytd).

Riefky assesses that the resilience of the Rupiah is supported, among other things, by Indonesia's foreign exchange reserves, which are still relatively high, namely US$135.6 billion in May 2022.

"Foreign exchange reserves are still sufficient to withstand shocks because these reserves are equivalent to 6.6 months of imports and government foreign debt payments. Foreign exchange reserves are also still higher than the international adequacy standard of around 3 months of imports," explained Riefky.

According to Riefky, from the domestic side, Indonesia is still on the path to recovery with strong economic performance. Although, from the external side, global economic volatility has not subsided and brings a bleak outlook for the world economy.

"Considering domestic and external conditions, BI's stance should still be 'behind the curve' for now by maintaining the policy interest rate at 3.50% and continuing accommodative macroprudential measures to support economic growth," said Riefky.

(Also Read: US Dollar Strong, Asian Currencies Weaken Until June 14, 2022)

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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The Rupiah Weakened, but Not as Severely as Other Currencies

The Rupiah Weakened, but Not as Severely as Other Currencies

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The Rupiah Weakened, but Not as Severely as Other Currencies

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