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Drop in reserves to stabilize Rupiah in Apr24
Wednesday, May 08, 2024       12:14 WIB

FX reserve drained by US$4.2bn to US$136.2bn in Apr24 (US$140.4bn in Mar24), mainly for Rupiah stabilization needs as the global turmoil impacted the Rupiah by +2.4% mom/+8.2% yoy/+5.7% YTD to roughly Rp16.3k/US$ in Apr24. The FX reserve position was equivalent to 6.1 months of import or 6.0 months of import and government external debt payments.
YTD, the foreign exchange has been used by US$10.2bnwith minimum impact to the Rupiah stability (volatility tripled in Apr24, but YTD has eased). Hence, we see the increase in the policy rate to be imperative for Rupiah stability and we think another 25bp increase is possible within the year. Accordingly, we expect the Rupiah to average at Rp15.8k/US$ in FY24. (IndoPremier Research)




Sumber : IPS

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