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Indonesia Rupiah Pares Loss on Greek Rescue Package; Bonds Fall

Indonesia’s rupiah pared losses after European leaders agreed on a second bailout for Greece. Bonds declined.

The benchmark stock index rallied 0.6 percent as the 130-billion euro ($172 million) rescue package, which will enable Greece to meet March bond repayments, was announced today. Many Indonesian corporates are buying dollars at the moment, weakening the rupiah, according to Enrico Tanuwidjaja, a Singapore-based senior currency analyst at Malayan Banking Bhd.

“There’s some support to the rupiah after the Greek deal,” said Aris Setiawan, a foreign-exchange trader at PT Rabobank International Indonesia in Jakarta. “But the local demand for dollars is still significant. I’ve had a few clients wanting to buy dollars today.”

The rupiah declined 0.3 percent to 9,052 per dollar as of 4:38 p.m. in Jakarta, according to prices from local banks compiled by Bloomberg. The currency fell as much as 0.6 percent earlier. The yield on the government’s 7 percent bonds due May 2022 rose two basis points, or 0.02 percentage point, to 5.26 percent, according to midday prices from the Inter-Dealer Market Association.

Global funds sold 3.3 trillion rupiah ($365 million) more local securities than they bought last week, bringing total foreign holdings to 232.4 trillion rupiah as of Feb. 17, according to data compiled by Bloomberg. The yield on the government’s benchmark 10-year notes climbed 22 basis points since Feb. 9, when Bank Indonesia cut its benchmark reference rate by 25 basis points to 5.75 percent.

“Bond markets are consolidating,” Tanuwidjaja said. The rise in the 10-year yield “could drive an outflow of funds,” he said.

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