May 11, 2018 / 3:00 AM / 3 months ago

Indonesia c.bank says rupiah's level is not reflecting fundamentals

JAKARTA, May 11 (Reuters) - Indonesia’s central bank governor said on Friday the current level of the rupiah exchange rate does not reflect fundamentals and reiterated that Bank Indonesia (BI) has ample room to adjust its benchmark policy rate to support the currency.

The rupiah strengthened on Friday to 14,045 per dollar after hitting its weakest since December 2015 earlier in the week, as investors responded to a BI statement saying the central bank was preparing to adjust the key rate.

“BI has ample room to adjust its policy rate. This policy response will be executed consistently and pre-emptively to ensure the sustainability of stability,” Governor Agus Martowardojo reiterated in a news release on Friday. (Reporting by Gayatri Suroyo Editing by Jacqueline Wong)

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