• The rupiah, which weakened to the lowest since 1998, in March amid massive capital outflows due to the pandemic, has been relatively steady this month and traded at 14,690 a dollar at 0740 GMT.

JAKARTA: Indonesia's central bank thinks the rupiah has the potential to strengthen to pre-coronavirus pandemic levels of around 13,600 to 13,800 to the dollar, Governor Perry Warjiyo said in an online news conference on Thursday.

The rupiah, which weakened to the lowest since 1998, in March amid massive capital outflows due to the pandemic, has been relatively steady this month and traded at 14,690 a dollar at 0740 GMT.

Warjiyo said Indonesia's credit default swap had fallen since the market panic and would likely fall further, and the rupiah would strengthen to reflect its fundamentals once investors' risk appetite returns to normal.