Rupiah Gains Over New Rule on Exports’ Forex Proceeds

TEMPO.CO, Jakarta – The rupiah closed today’s trade, July 31, with a 25-point gain to Rp15,080 per US dollar. At the end of last week, the rupiah was also rewarded by 30 points to trade for Rp15,105 per US dollar.

“For tomorrow’s market, the rupiah will likely fluctuate with a tendency to weaken in the range of Rp15,050 to Rp15,150 per US dollar,” Forexindo Berjangka profit director Ibrahim Asjuangbi said in a written statement, Monday.

According to Ibrahim, the rupiah was able to climb as the market responded positively to a statement from Bank Indonesia (BI) concerning exporters’ guarantees for the placement of foreign exchange from exporting (DHE) natural resources (SDA) within the domestic financial system. This is based on Government Regulation no.36 of 2023, effective starting August 1, 2023.

Another factor that helped the rupiah gain was the Fed’s policy of raising interest rates last week.

“But there are growing expectations that this could be the final escalation of the central bank’s aggressive year-long tightening cycle,” Ibrahim said.

BI Governor Perry Warjiyo, previously said that there were 7 instruments prepared by the central bank for the placement of DHE SDA placements. The instruments are a DHE SDA special account, bank foreign currency deposits, term deposits, DHE SDA foreign currency, promissory notes of the Indonesian Export Financing Agency (LPEI), deposit placements that can be used as collateral for rupiah credit, foreign exchange swaps from exporters or customers to banks, and the foreign currency swap from bank to BI.


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