Indonesia central bank says rupiah decline under control

MG News | January 16, 2025 at 10:18 AM GMT+05:00

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January 16, 2025 (MLN): Indonesia's central bank said the rupiah's fall against the U.S. dollar was still under control.

This came after the currency slid to its weakest level in more than six months on Thursday, following a surprise cut in interest rates the day before, as Reuters reported.

"The market reaction that occurred this morning is still under control and short term in nature," Edi Susianto, Bank Indonesia's head of monetary management, told Reuters.

He added that market participants are still digesting BI's decision from yesterday.

He said the central bank would ensure the supply and demand of foreign exchange in the market.

BI surprised investors on Wednesday when it cut its key benchmark policy rate by 25 bps to 5.75%, saying the decision was taken to support economic growth.

The rupiah was down as much as 0.4% to 16,383 per dollar on Thursday morning.

The currency weakened even as other Asian currencies, such as the yen, the Malaysian ringgit and Indian rupee, strengthened against the dollar.

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