USD/IDR Price News: Rupiah corrects from six-week highs of 14,249 on Indonesian leaders

Indonesian Finance Minister Sri Mulyani Indrawati said on Thursday, “global economy continues to recover but recovery to be affected by inflation, higher interest rate, supply chain disruption, growing geopolitical tension.”

Additional quotes

Managing economic and financial impact from pandemic and improving vaccine access remain a priority.

We have to be vigilant of new risks, inflation risk skewed to the upside.

Global coordination on policy tightening including discussion on exit strategy will be critical.

We have to strengthen global health architecture during Indonesia G20 presidency.

Separately, Indonesian President Joko Widodo, popularly known as Jokowi, was reported, as saying that “in current situation, this is not the time for rivalry,” referring to the Russia-Ukraine geopolitical conflict.

Further comments

This is not the time for new tension such as what is happening in Ukraine.

This is the time for collaboration to promote economic recovery.

We have to work together to control rising inflation, we have to anticipate higher food prices.

We must accelerate transition to new economy.

Market reaction

In reaction to these above comments, the Indonesian rupiah is correcting sharply from six-week highs of 14,249 reached a day before.

USD/IDR is trading at 14,275, up 0.16% on the day, as of writing.