Based on transaction data reported by BI on 26 June 2023, funds from foreign investors (non-residents) recorded a net purchase (inflow) of IDR 710 billion.
BI Communications Department Executive Director Erwin Haryono explained that the influx of foreign funds on the domestic financial market this week mainly came from the IDR 600 billion Government Securities (SBN) market.
Meanwhile, on the stock market, foreign capital also added IDR 110 billion to the coffers of the domestic financial market.
"During 2023, based on settlement data up to June 26, 2023, non-residents will buy IDR 80.43 trillion net on the SBN market and IDR 14.25 trillion net on the stock market," Erwin said as quoted from the release of the Development of Rupiah Stability Indicators, Wednesday, June 28 2023.
The risk premium or Credit Default Swap (CDS) for Indonesia for five years rose to a level of 88.77 basis points (bps) as of 26 June 2023 from 87.24 bps as of 23 June 2023. The CDS is an indicator to determine the risk of investing in SBN.
The greater the CDS score, the higher the risk of investing in SBN. Conversely, if the score is smaller, then the investment risk is also lower.
Rupiah kicks back US dollar
The influx of foreign capital into the domestic financial market was also able to make the rupiah exchange rate wild. The Garuda currency actually pushed back the US dollar, and again released from the shackles of the IDR 15,000 per USD level.As is known, the flow of foreign capital in the country is closely related to exchange rate movements. This is because one of the factors in the flow of foreign capital is the level of investor confidence, which is also a factor in exchange rate movements.
Quoting Bloomberg data at the close of trading on Tuesday, June 27, 2023, the rupiah exchange rate against the USD was at the level of IDR 14,993 per USD. The Garuda currency rose 28.5 points or the equivalent of 0.19 percent from the position of IDR 15,021 per USD at the close of trading the previous day.
Meanwhile, Yahoo Finance data also shows the rupiah is in the green zone at IDR 14,989 per USD. The rupiah strengthened 20 points or the equivalent of 0.13 percent from Rp. 15,009 per USD at the close of trading the previous day.
Meanwhile, based on the Jakarta Interbank Spot Dollar Rate (Jisdor) reference exchange rate data, the rupiah is at the level of IDR 15,000 per USD. The Garuda currency rose by 26 points from IDR 15,026 per USD in the previous trade.
Related to this, Erwin emphasized that Bank Indonesia will continue to strengthen coordination with the government and related authorities.
"As well as optimizing the policy mix strategy to maintain macroeconomic and financial system stability in order to support further economic recovery," he stressed. (Kevin Schreiber)
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