April 26, 2018 / 5:38 AM / a year ago

Indonesia finmin tells people to be calmer in response to rupiah weakness

JAKARTA, April 26 (Reuters) - Indonesia’s finance minister said on Thursday that people should be calmer in response to the rupiah trading near its lowest in more than two years and that exporters should make use of the currency weakness to boost sales.

“People should be better informed so they are calmer, that this movement (in the currency market) was coming from America,” Sri Mulyani Indrawati said, explaining that the rupiah’s weakness against the dollar was the result of rising U.S. Treasury yields and U.S. fiscal and monetary policies.

The rupiah touched 13,930 per dollar in earlier trading on Thursday, the weakest since January 2016.

She maintained her outlook for Indonesia’s 2018 budget deficit at 2.19 percent of GDP despite the rupiah’s depreciation, and said that the deficit could even be lower as she expected increased revenues from the oil sector.

Reporting by Maikel Jefriando; Writing by Gayatri Suroyo; Editing by Jacqueline Wong

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