Rupiah Remains Stable Below IDR 15,500
Despite experiencing fluctuations over the past week, the exchange rate of the rupiah remains stable below Rp15,500 per US dollar (USD). According to a written statement from BI Assistant Governor Erwin Haryono on Friday, September 13, 2024, the rupiah closed at a bid level of Rp15,425/USD at the end of trading on Thursday, September 12, 2024.
The depreciation of the rupiah coincided with a decline in the yield of 10-year Government Securities (SBN) to 6.58 percent, an increase in the US Dollar Index (DXY) to 101.37, and a decrease in the yield of 10-year US government bonds to 3.674 percent.
Meanwhile, the five-year credit default swap (CDS) premium for Indonesia as of September 12, 2024, was recorded at 69.63 basis points, down from 70.45 basis points on September 6, 2024.
At the opening of trading on Friday, September 13, 2024, the rupiah strengthened to a bid level of Rp15,400/USD, while the yield on 10-year SBN remained relatively stable at 6.57 percent.
At the close of trading on Friday, September 13, 2024, according to Bloomberg data, the exchange rate of the rupiah was recorded at Rp15,401/USD, reflecting an increase of 24 points compared to the previous trading day's close.
Based on transaction data from September 9 to 12, 2024, foreign portfolio investment experienced a greater outflow than inflow. Foreign entities recorded a net sale of IDR 1.31 trillion, which included a net sale of IDR 0.18 trillion in the government securities market, a net purchase of IDR 2.46 trillion in the stock market, and a net sale of IDR 3.59 trillion in the Bank Indonesia Rupiah Securities market (SRBI).
However, this did not impact the strengthening of the rupiah exchange rate. Throughout 2024, up to September 12, foreign investors still recorded a net purchase of IDR 10.37 trillion in the government securities market, IDR 31.47 trillion in the stock market, and IDR 184.03 trillion in the SRBI.
Similarly, during the second semester up to September 12, foreign investors continued to experience inflows, with a net purchase of IDR 44.33 trillion in the government securities market, a net purchase of IDR 31.13 trillion in the stock market, and a net purchase of IDR 53.68 trillion in the SRBI.
