February 28, 2020 / 8:27 AM / a month ago

Indonesia c.bank says more active in spot FX market in stabilising rupiah

JAKARTA, Feb 28 (Reuters) - Indonesia’s central bank has been more active in the spot foreign exchange market to stabilise the rupiah exchange rate in the last two days, compared with the domestic non-deliverable forward market, an official said on Friday.

“We’re more active in the spot market. Today, BI intervened in the spot market directly via interbank and through broker,” Nanang Hendarsah, Bank Indonesia’s (BI) head of monetary management, told Reuters.

Hendarsah was explaining why BI held only one auction on Thursday, when the central bank sold $127 million of 3-month contracts at an exchange rate of 14,127 rupiah a dollar. The previous day, BI held two auctions and sold a total of $1.7 billion of 1-month and 3-month contracts.

The rupiah fell 2% on Friday to 14,310 a dollar, the weakest since August 13, 2019. (Reporting by Gayatri Suroyo; Editing by Alex Richardson)

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