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Rupiah Forwards Gain as Overseas Funds Buy Stocks; Bonds Fall

Indonesia’s rupiah forwards advanced after global funds bought equities on bets economic growth will accelerate. Government bonds fell as the finance ministry held its first debt auction of 2013.

The Jakarta Composite index added to yesterday’s biggest gain since September after overseas investors bought $48 million more of local stocks than they sold on Jan. 14, exchange data show. The government sold 9 trillion rupiah ($926 million) of notes, exceeding its 7 trillion rupiah target, Robert Pakpahan, director general at the debt management office, said in a mobile-phone message.

The rupiah’s one-month non-deliverable forwards rose 0.2 percent to 9,9967 per dollar as of 3:36 p.m. in Jakarta, data compiled by Bloomberg show. That’s 2.5 percent weaker than the onshore spot rate, which slid 0.8 percent to 9,715, prices from local banks compiled by Bloomberg show. A daily fixing used to settle non-deliverable forward contracts was set at 9,859 today by the Association of Banks in Singapore.

“The forwards reflect foreign investors’ positive perception of Indonesia,” said Rully Nova, a currency analyst at PT Bank Himpunan Saudara 1906 in Jakarta. “The strengthening today is supported by good sentiment from stocks.”

One-month implied volatility, a measure of expected moves in exchange rates used to price options, was steady at 6.75 percent, the highest level since September.

Southeast Asia’s largest economy may grow 6.6 percent to 6.8 percent this year, Finance Minister Agus Martowardojo said yesterday, compared with the central bank’s Jan. 10 estimate for 6.3 percent growth in 2012.

The yield on the government’s 9.5 percent notes due June 2015 climbed two basis points, or 0.02 percentage point, to 4.57 percent, according to the Inter Dealer Market Association.

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