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April 10, 2025 | 11:05 am
TEMPO.CO, Jakarta - The Indonesian Employers Association (Apindo) revealed entrepreneurs' efforts to face the weakening rupiah exchange rate. Some steps include maintaining cost efficiency and ensuring smooth cash flow.
Furthermore, unnecessary procurement, especially imports, is being withheld. "(We are also) looking for ways to utilize stimulus programs that will be distributed shortly," said Chairperson of Apindo Shinta Widjaja Kamdani in a written statement to Tempo on Wednesday, April 9, 2025.
According to her, some business actors may engage in currency hedging. However, Shinta stated that in the current condition, few entrepreneurs do so because the financial burden is too high.
Shinta believes that these efforts will contribute to Apindo's assistance in national economic resilience. Additionally, she stated that there isn't much else Apindo can do.
She explained that exchange rate instability risks occur worldwide due to global market panic triggered by tariff wars. "When the tariff war conditions are more stable or when global economic players can measure various impacts of the ongoing tariff wars, the exchange rate is expected to rebound on its own," said Shinta.
Based on BCA's e-Rate USD data, the dollar buying rate on April 7, 2025, at 07:10 WIB (Western Indonesia Time) broke through the Rp16,950 mark, the highest within the available time range. The selling rate also soared to Rp16,600, an increase of Rp60 from the previous day. Meanwhile, the rupiah had surpassed Rp17,000 last Monday.
Bank Indonesia has stated that it will carry out several interventions in the offshore market (Non-Deliverable Forward/NDF) to stabilize the rupiah exchange rate from high global pressure. "The interventions in the offshore market are continuously carried out by Bank Indonesia in Asian, European, and New York markets," said Executive Director of BI's Communication Department Ramdan Denny Prakoso in his official statement on Monday, April 7, 2025.
Bank Indonesia will also continue intervening in the domestic market after opening on April 8, 2025. This will be done by intervening in the foreign exchange market and purchasing government securities in the secondary market.
Adil Al Hasan contributed to the writing of this article.
Editor's Choice: Bank Indonesia Steps In to Curb Rupiah Volatility
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