Bank Indonesia has kept its key rate unchanged following 175 basis points of hikes between May and November last year to counter an emerging market sell-off.
The rupiah led losses among emerging Asian currencies in early Thursday trading.
Authorities in Southeast Asia's largest economy issued a series of measures in the 2nd half of 2018 to curb imports and support the rupiah.
The rupiah strengthens slightly after the data while the stock market remained steady.
Inflows towards the end of the year bounced the rupiah back and the currency closed the year 6% weaker compared to end-2017.
A ministry official says Jakarta aims to sell bonds worth 120 trillion rupiah (US$8.41 billion) equivalent in foreign currencies to fund the 2019 budget.
The Indonesian government has rolled out a number of policies to support the ailing rupiah which includes cutting energy imports and delaying a number of infrastructure projects.
Indonesia has been one of the hardest hit economies in Asia in the global emerging-market sell-off.
In February, Indonesia's government became the first in Asia to issue global green bonds, selling US$1.25 billion in green sukuk.
The rupiah has been under renewed pressure this week after global oil prices rose.
Indonesia is also close to finalizing incentives for exporters holding billions of dollars in banks to encourage them to convert the funds into rupiah, as the central bank steps up efforts to shield the local currency from a global emerging-market rout.
Investors have been dumping emerging market currencies, including the rupiah, as rising US rates prompt them to flock to dollar-denominated assets in search of better returns.
Officials have already raised rates by 125 basis points since May and drained about 10% from foreign reserves this year to help bolster the rupiah.
Rupiah rebound and kiwi underperformance through the end of the year as both currencies suffer from trade-war angst and a downturn in emerging-market sentiment.
The government has introduced a number of measures to ease pressure on the rupiah, which has dropped 8.4% this year.
Indonesia's trade minister wants exporters to keep half of their proceeds onshore for a minimum of six months and convert them to rupiah.
Southeast Asia’s biggest economy has been rattled by the emerging market rout, with the rupiah dropping to a two-decade low of almost 15,000 to the dollar this month.
International Monetary Fund data shows Indonesia’s gross government debt is well below Malaysia’s 54% and Thailand’s 42%.
Bank Indonesia’s four interest-rate hikes since May and direct market intervention have failed to curb the currency’s more than 9% slide against the dollar this year.
The govt spotted speculative trading of the rupiah last week.
Many emerging market currencies were also frail after Argentina's peso sank on Thursday despite the central bank's interest rate hike.
As investors dumped Turkish and Argentinian assets, countries with large current-account deficits such as Indonesia and India have also seen their currencies and bonds come under selling pressure.
Indonesia blames the rupiah's drop on high demand for dollars by local importers, as well as being caught up in a flight from emerging market assets as US interest rates rise.
Jokowi’s ambitious fiscal targets could boost investors’ sentiment amid an emerging-market rout that’s hit Indonesia hard this year.
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