Rupiah Weakens Below IDR 18,000 Amid Warjiyo's Resignation
The Indonesian rupiah (IDR) weakened further in the spot market following Perry Warjiyo's resignation as Governor of Bank Indonesia (BI). The rupiah fell to an intraday low of IDR 18,006 against the US dollar on Bloomberg data, marking a total depreciation since the beginning of the year at around 7.90%. The rupiah's decline is attributed to investors' reaction to Warjiyo's resignation, which has been accepted by President Prabowo Subianto.
As a result, several Indonesian banks were offering the US dollar above IDR 18,000 as of 11:25 AM local time. Bank Rakyat Indonesia (Persero) Tbk had an e-Rate of Buy IDR 17,877/USD and Sell IDR 18,039/USD, while PT Bank Mandiri (Persero) Tbk offered a Special Rate of Buy IDR 17,980/USD and Sell IDR 18,010/USD.
The rupiah's performance this week is likely to be influenced by the market's response to Warjiyo's resignation. As acting head of BI, Destry Damayanti will oversee the central bank during this period.