The Rupiah in the Non-Deliverable Forwards (NDF) market touched IDR 18,020/US$, after Perry Warjiyo stepped down from the position of Governor of Bank Indonesia (BI) on Monday (27/7/2026).
Prior to this announcement, the offshore rupiah did not move much even though it was under pressure from oil prices which were still above the average price in the APBN assumptions, and managed to maintain its position below IDR 18,000/US$.
However, after this announcement the rupiah responded by weakening and it is estimated that this will spread into today's trading session on the spot market.
Lionel Priyadi, Fixed Income & Macro Strategist at Mega Capital Sekuritas estimates that rupiah volatility has the potential to occur, due to the resignation of Perry Warjiyo, who has served as Governor of BI since 2018.
"This very sudden resignation raises questions about the direction of BI's monetary policy in the future. Will BI remain consistent in maintaining rupiah stability or change policy direction to support economic growth," said Lionel.
In the midst of this uncertainty, Lionel estimates that the rupiah will return to volatility in the range of IDR 17,950-IDR 18,150/US$ in today's trading session.
Published: 1 hour ago
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Overseas Rupiah Touches IDR 18,020/US$ After BI Governor Resigns (Image: Negeri Konoha)
