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Business & Finance

Indonesia central bank sees further strengthening of rupiah

  • The rupiah traded at 13,850 per dollar at 0835 GMT Friday, up 1.5pc from the previous day's close.
  • Its current forecast is for growth nearing 2.3pc this year, he said, down from 5pc in 2019.
05 Jun 2020

JAKARTA: Indonesia's central bank governor said on Friday the rupiah still has the potential to strengthen further, after it surged to its strongest in more than three months amid returning foreign investor appetite for government bonds.

The rupiah traded at 13,850 per dollar at 0835 GMT Friday, up 1.5pc from the previous day's close.

"In our view, even with today's move we still see the rupiah as undervalued, thus it has the potential to strengthen in the future," Governor Perry Warjiyo told a news conference.

He also said easing of some movement restrictions in the country's capital city would be positive for economic growth and Bank Indonesia would update its GDP growth forecast for 2020, once more data becomes available.

Its current forecast is for growth nearing 2.3pc this year, he said, down from 5pc in 2019.

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