Rupiah weakens 1.84% to near historic low

JAKARTA - The rupiah exchange rate against the US dollar (USD) on the spot market weakened by 1.84% to IDR16,860 at the opening of trading today.

This position is lower than the rupiah exchange rate during the global financial crisis in 2008-2009 which was at the lowest level of IDR16,664/US$, and close to the position during the 1998 crisis which touched the level of IDR16,950/US$.

Previously, in the off shore non deliverable forward (NDF) market, the rupiah exchange rate had broken IDR17,200/US$ on Monday (7/4) yesterday.

A number of Indonesian banks have also sold US dollars above the IDR17,000/US$ price. PT Bank OCBC NISP Tbk (NISP)  was observed setting a price of IDR 17,083/US$ for bank notes as of Tuesday (8/4) morning today.

Meanwhile, PT Bank Central Asia Tbk (BBCA) set the selling price at IDR 16,995/US$, PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) at IDR 16,944/US$, and PT Bank Negara Indonesia (Persero) Tbk (BBNI) at IDR 16,800/US$. (KR/LM)