Rupiah Strengthens as BI Considers Holding Interest Rates

The Indonesian rupiah has strengthened against the US dollar at the start of trading on Wednesday, rising by 27 points or 0.15% to Rp17,857 per US dollar from the previous closing price of Rp17,884.

According to Bank Woori analyst Saudara Rully Nova, the rupiah's strengthening is due in part to the potential for the central bank, Bank Indonesia (BI), to hold interest rates steady at 5.75% in today's Governor's Council Meeting (RDG).

Rully predicts that the rupiah will continue to strengthen within a range of Rp17,830-Rp17,880, influenced by BI's expected decision to maintain its benchmark interest rate.