JAKARTA, NNC - Rupiah continues to strengthen, including on Wednesday (11/7/2018), when the exchange rate of the Rupiah against the United States Dollar (US) rose 210 points to IDR14,594 compared to the previous position of IDR14,804 per US dollar.
"The movement of the rupiah exchange rate shows Indonesia's economic fundamentals are solid," said Rully Nova, money market observer of Bank Woori Saudara Indonesia Tbk.
The Indonesian economy continues to grow even though it is overshadowed by fears of a global economic slowdown, one of which was triggered by the US and Chinese trade wars.
"Investors are beginning to respond positively to the situation in Indonesia so that a number of rupiah-denominated assets are quite attractive, increasing the demand for the rupiah," said Rully.
Data on Indonesia's foreign exchange reserves increased, in line with market expectations, which also contributed to a positive factor in rupiah fluctuations.
Bank Indonesia noted that Indonesia's foreign exchange reserves stood at US$115.2 billion at the end of October 2018, up from US$114.8 billion at the end of September 2018.
Meanwhile, the central exchange rate of Bank Indonesia on Wednesday recorded a rupiah strengthening to IDR14,764 compared to the previous position of IDR14,891 per US dollar.