The government's foreign exchange reserves increased by around $2 billion to over $131 billion for the month, sources who requested for anonymity, added.

The reserves were also backed by net foreign fund inflows to the tune of $1 billion into the nation's sovereign bonds, latest figures from the country's central bank, showed.

Indonesia's central bank representative Junanto Herdiawan said he has yet to validate the volume of reserves and emphasized the figure would be made public as scheduled. Bank Indonesia was set to release its data on currency reserves on Friday.

The bank found that the country's current forex reserve level is "solid enough" to help it cushion against external factors, as well as to retain stability of its macroeconomics and financial system, central bank spokesman Onny Widjanarko disclosed.

Near-record currency inventories provide more capability for Indonesia's central bank to cope with market instability arising from the current global economic slowdown.

Bank Indonesia has vowed to ramp up equity, forex and non-deliverable local forward market interventions to safeguard the currency and bonds from inflation.

Andry Asmoro, Bank Mandiri chief economist, noted that Indonesia's currency reserves will hit roughly $130 billion to $135 billion by end of the year, citing resilience and stability in the external sector.

In a research paper, Andry said, "that is because of the flagging growth of key economies and the dovish financial measures of the Federal Reserve."

The risk, Andry went on to say, will come from weakening global growth caused in part by the China-US trade dispute and global geopolitical uncertainty which will burden Indonesia's exports.

Bank Indonesia has infused around $1.82 billion into the country's currency markets due to recent assets sell-off by some investors.

Foreign capitalists sold their Indonesian shares on Indonesia's Stock Exchange, notching a Rp2.07 trillion net selloff in the regular sessions during mid-day trading on Thursday.

On top of applying financial policies, the Indonesian federal bank is collaborating with the government to maintain its market stability.

According to central bank data, Indonesia's total reserve was pegged at $129.2 billion in December and hit a record $132 billion in January 2018.

The reserves dropped to a two-year low in September 2018 after the central bank plunged into the stockpile to protect the rupiah from an emerging global market path.

Indonesia sold $2 billion in dollar-denominated bonds and raised another EUR1 billion in European equities to finance its 2020 budget deficit.