Indonesia's central bank expressed confidence over the rupiah re-attaining strength as a result of various interventionary measures, The Jakarta Globe reported Wednesday.
Bank Indonesia is ramping up seven strategic measures to support the rupiah and ensure it "tends to appreciate," the newswire reported, citing Bank Indonesia Executive Director for Communications Ramdan Denny Prakoso.
"Indonesia's economic fundamentals are very strong compared to other countries," Denny stated, underscoring his optimism that the rupiah would regain stability.
Indonesia, among other measures to help stabilize the rupiah, has stepped up interventions in the foreign exchange market, cut the dollar buying limit, explored currency swap arrangements, and activated a bond stabilization fund.
The rupiah closed 53 points stronger at 17,475 per US dollar on Wednesday afternoon, recovering from its previous slide past 17,500 per US dollar to reach a historic low.
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