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Facts Regarding the Translucency of the US Dollar to Rp. 14,600

As the development of Turkey's economy enters into crisis conditions, it gives negative sentiments especially to the stability of the exchange rates of developing countries, including Indonesia.

At the opening of the trade on August 13, 2018, the value of the United States dollar (US) strengthened against the rupiah. Uncle Sam's currency broke to Rp. 14,600.

Photo taken from Fiki Firmanto/ Piah COM 

Here are the facts:

First. The US dollar strengthened quite sharply and has broken the level of Rp. 14,600. This level is the highest this year even in the last 3 years.Similarly quoted detikFinance from Reuters data on Monday (08/13/2018).Uncle Sam's currency exchange rate was at its lowest level at Rp. 14,492 and had touched its highest level at Rp. 14,606.

This is the highest level of the US dollar exchange rate against the rupiah this year. In recent weeks, the dollar has continued to move in the range of Rp. 14,400 to Rp. 14,500.In September 2015, the US dollar was at the top with an exchange rate of Rp. 14,730, precisely on September 29, 2015. The strengthening of the US dollar was in line with the increase in the Federal Reserve's interest rate at that time.

If comparing last year's highest position in the period 29 September 2015 to 27 September 2016, the US dollar has dropped 12.2% within one year. Since then the US dollar has barely touched the level of Rp. 14,000. Only a month later the US dollar weakened steadily, moving from the range of Rp. 13,000 to this day continues to rise and even touched Rp. 14,555.

Second. Finance Minister Sri Mulyani Indrawati said the government would remain cautious about the recent global dynamics. The reason is that this can disturb the stability of the rupiah exchange rate.

"Every day there are always various factors that can influence each other. So in the last week the factors originating in Turkey have emerged globally, because not in terms of magnitude, there is dynamics in Turkey," said Sri Mulyani at JS Luwansa Hotel, Jakarta, Monday (08/13/2018).

For Indonesia, Sri Mulyani continued, economic growth in the second quarter of 2018 of 5.27% driven by consumption must be boosted again by increasing exports and investment.

However, the former Managing Director of the World Bank said he would continue to be vigilant about the development of the world economy, one of which was Turkey's impact.

He explained, Indonesia's economy which grew 5.27% indicated that it was still in good condition, especially with a low inflation rate. However, so that the stability of the rupiah will not be disrupted, he will be aware of the development of all forms of balance sheets, both the State Budget, State-Owned Enterprises, and the private sector.

"The economy will continue to be safeguarded by looking at both the government's balance sheet, namely the balance sheet of the state budget, the balance sheet of BUMN and also in terms of monetary policy, inflation is low. BI's mandate to maintain the stability of our rupiah. The banking balance is also supervised by the OJK and financial institutions. We will continue to be vigilant and continue to exercise what if the global conditions cause even higher dynamics, and that is what we have to prepare, "Sri Mulyani said.

The government, said Sri Mulyani, will focus more on improving the current account balance or CAD. Because the current CAD position is still a 3% deficit. Although still lower than in 2015, the government will remain cautious.

Third. Sri Mulyani, asked for the involvement of entrepreneurs, especially exporters in Indonesia, to bring home foreign exchange proceeds from exports and exchange them into rupiah.

That, said Sri Mulyani will also help the government maintain the stability of the rupiah exchange rate against the US dollar.

"We have also talked with the private sector of our exporters to bring their dollars domestically, not only to enter domestic banks to bring in foreign exchange but also to stay domestically for longer," Sri Mulyani said at JS Luwansa Hotel, Jakarta, Monday. (08/13/2018).

Sri Mulyani said the appeal for exporters to bring foreign exchange from exports to Indonesia and keep it for a long time in the country had been carried out intensively. Even the government is ready to provide incentives to exporters.

He admitted, the incentives provided to facilitate the way the exporters brought foreign exchange home to their homeland. Moreover, Indonesia is a country that adheres to a free regime and is not specifically regulated by the applicable law.

Fourth.The rupiah exchange rate against the United States dollar (US) this morning weakened 0.9% to the level of Rp. 14,612. This is the lowest level in the last three years amid the weakening of the Turkish lira exchange rate.

As quoted from the statement of Bahana Securities, Jakarta, Monday (08/13/2018).The drop in the rupiah exchange rate is deeper than the currencies of other Southeast Asian countries such as the Malaysian ringgit, Philippine peso, Thai baht, and Vietnamese dong which is no more than 0.5%.

But today the US dollar has also strengthened against many currencies in the world. Reporting Reuters on Monday (08/13/2018), today the US dollar strengthened against the euro currency by 0.19% to the position of 0.8791.

US $ against the pound also rose 0.11% today to 0.7840. Likewise, the Australian dollar also gained 0.31% to 1.3751.The US dollar also gained 0.41% against the Chinese yuan renminbi to 6.874. While the Hong Kong dollar remained at the level of 7,8497.

The highest US dollar dominance against the Russian currency is the ruble of 2.17% to 69.1465. Then rose 1.53% against the Mexican currency, the peso by 1.53% to 19.19.   But the Japanese yen rose 0.59% against the US dollar at 110.15. The Swiss Franc also rose 0.18% to 0.9934. (hek / ang)

Reference :
Original Title : 
Fakta Seputar Tembusnya Dolar AS ke Rp 14.600
Writter : Hendra Kusuma - detikFinanceIndonesian
Translation into English : Asep Harypno.
 (Asep Haryono)

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