Indonesia forex reserve down on rupiah stabilization effort

Foreign exchange reserve (forex) of the Indonesian central bank scales down at the end of June from the position of at the end of May as the lender kept stabilization of rupiah against the U.S. dollar.

The reserve reached 108.030 billion U.S. dollars at the end of June, falling from 110.770 billion U.S. dollars at the end of May, according to the bank's website on Tuesday.

The bank had carried out intervention in an effort to keep stability of rupiah which has depreciated to about 7 percent against one U.S. dollar this year amid high demand of U.S. dollars to pay government foreign debts, Tirta Sagara, director executive of the communication department of the bank said in a statement on Tuesday.

The rupiah was traded at 13,313 on Tuesday, according to the bank website.

The central bank has struggled to narrow the country's current account deficit as the export keeps subdued in recent months amid weakening global demand of the export products and concern of possible rate hike by U.S. Fed. Reserve.

That is happening amid rising pressure to the lender to trim rate to help spur economic growth which was at the lowest level since 2009 of 4.71 percent.

But the bank keeps sticking on policy of refraining loosing. Endi