BI Governor: Rupiah Weakens by 0.84 Percent in November 2024

Jakarta, VIVA – Bank Indonesia Governor Perry Warjiyo revealed that as of November 19, 2024, the rupiah exchange rate had weakened by 0.84 percent compared to the previous month.

The depreciation was attributed to the broad strengthening of the US dollar. 

“The weakening of the exchange rate also occurred due to a shift in global investor preferences, with portfolio allocations returning to the US following the results of the US elections,” Warjiyo said on Wednesday (Nov 28). 

Warjiyo explained that, overall, the rupiah’s depreciation remains controlled. Compared to the end of December 2023, the rupiah has depreciated by 2.74 percent. 

He stated that the rupiah’s depreciation was smaller than that of the Taiwanese dollar, the Philippine peso, and the South Korean won, which weakened by 5.26 percent, 5.83 percent, and 7.53 percent, respectively.

Moreover, Warjiyo expressed optimism that the rupiah would stabilize in the future. This is supported by Bank Indonesia’s commitment to maintaining exchange rate stability, attractive yields, controlled inflation, and Indonesia’s positive economic growth prospects. 

Bank Indonesia will continue to optimize its monetary instruments, including enhancing pro-market monetary operations strategies through the optimization of SRBI, SVBI, and SUVBI instruments to attract foreign portfolio investment inflows and support the strengthening of the rupiah. 

“Bank Indonesia’s exchange rate policy will remain focused on maintaining the stability of the rupiah amid the broad strengthening of the US dollar,” he concluded.