“Without such an intervention,” said Rangga, “the rupiah had a potential to depreciate further.”
Meanwhile, Bank Himpunan Saudara finance market analyst, Rully Nova, said the rupiah still had a chance to strengthen, although it would be only be a technical strengthening, because Indonesia’s economic fundamentals were not yet supportive enough.
“Indonesia’s economy is still slowing down and this is holding back the rupiah from strengthening in a fundamental way,” said Rully. (ebf)