Anastasya Lavenia Yudi, Jakarta – Bank Indonesia (BI) responded after the rupiah's exchange rate fell to Rp16,700 per U.S. dollar. On Thursday, September 25, 2025, the rupiah closed at Rp16,749 per U.S. dollar, which is 64 points weaker than the previous day. In response, Bank Indonesia reaffirmed its commitment to maintaining exchange rate stability.
Bank Indonesia Governor Perry Warjiyo said that the institution used all available instruments boldly. "Both in the domestic market through spot instruments, Domestic Non-Deliverable Forward (DNDF), and the purchase of State Securities (SBN) in the secondary market, as well as in the overseas markets in Asia, Europe, and America continuously, through NDF intervention," Perry said in an official statement on Friday, September 26, 2025.
BI believes that all efforts made can stabilize the rupiah's exchange rate, in line with its fundamental value. Bank Indonesia invites all market participants to work together to maintain a conducive financial market climate and achieve stable rupiah exchange rates.
Currency and commodities observer Ibrahim Assuaibi predicts that from an external perspective, the strengthening of the U.S. dollar is triggered by escalating geopolitical tensions in Europe. In his speech at the United Nations, U.S. President Donald Trump warned European countries not to continue buying oil from Russia.
At the same time, Ukraine, with the assistance of NATO and the U.S., continues to attack Russian energy infrastructure. Additionally, Ukraine wants the areas currently under Russian control to be returned. "The main prerequisite for a ceasefire agreement is the areas controlled by Russia. This is likely to be very difficult to do," Ibrahim stated on Thursday, September 25, 2025.
Meanwhile, from the internal perspective, the observer from Traze Andalan Futures argued that the weakening of the rupiah was triggered by the statement of Finance Minister Purbaya Yudhi Sadewa, who rejected tax amnesty. According to Ibrahim, the tax amnesty policy is highly desired by the market. "The market responded negatively to Purbaya's statements regarding the rejection of tax amnesty," Ibrahim said.
Meanwhile, BI is continuing interventions in the Non-Deliverable Forward (NDF) and Domestic Non-Deliverable Forward (DNDF) markets. Ibrahim mentioned that these interventions were carried out due to significant speculation in the international markets.
Ibrahim also compared this situation with the era of the previous Finance Minister, Sri Mulyani Indrawati. Ibrahim argued that, during the previous minister's tenure, the rupiah's value remained relatively stable despite Bank Indonesia's interventions. "This means that speculation in the international markets is so strong that the interventions carried out by Bank Indonesia are futile," Ibrahim concluded.
Source: https://en.tempo.co/read/2052078/bank-indonesia-uses-every-instrument-to-stabilize-rupia