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The Indonesian rupiah was little changed on Wednesday afternoon, trading around IDR 17,170, after Bank Indonesia left its benchmark interest rate unchanged at 4.75% for a seventh consecutive meeting, in line with expectations. Governor Perry Warjiyo said the decision was aimed at stabilizing the currency, emphasizing the central bank’s readiness to adjust policy and intervene in markets while keeping inflation within its target range.
Warjiyo noted that foreign exchange reserves, at around USD 148 billion in March, remain adequate and that Bank Indonesia stands prepared to intensify intervention in both spot and forward markets. He also reiterated that the rupiah is undervalued relative to its economic fundamentals.
The rupiah has hit record lows several times this month, pressured by Indonesia’s dependence on imported energy, despite recent increases in non-subsidized fuel prices. Persistent capital outflows have added further strain, driven by fiscal concerns and a broader risk-off mood linked to tensions in the Middle East.
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Policymakers maintained their 2026 GDP growth forecast at 4.9% to 5.7% and expect inflation to remain within the 1.5% to 3.5% target band through 2027.
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