Rupiah opens stronger at level 15,495, US dollar falls

Bisnis.comJAKARTA – Rupiah exchange rate Trading opened higher against the US dollar this weekend, Friday (September 29, 2023).

Cite data Bloomberg, the rupiah opened stronger by 25 points or 0.16 percent to the level of IDR 15,495 per US dollar. As for the index U.S. dollar also weaker by 0.14 percent to 106.07.

Meanwhile, most other currencies in Asia opened higher. For example, the Korean won gained 0.58 percent, the Chinese yuan gained 0.19 percent and the Indian rupee gained 0.05 percent. Meanwhile, the Malaysian ringgit rose 0.36 percent and the Thai baht gained 0.10 percent.

Forexindo Futures Profit Director Ibrahim Assuaibi estimates the rupiah will fluctuate today but close lower in the range of Rs15,510 to Rs15,580.

Previously, he said that the US dollar was stable on Wednesday (09/27/2023) and was approaching a new 10-month high amid concerns about a rise US interest rates. Meanwhile, the euro and sterling fell to six-month lows.

According to Ibrahim, the mood was due to the restrictive tone at the meeting Federal Reserve This was recently confirmed by Fed officials when they raised the possibility that the central bank would have to raise interest rates further after pausing its rate hike cycle last week.

This has led to a rise in U.S. Treasury yields in recent days as traders brace for monetary conditions to remain tight for longer than previously expected.

Domestically, the rise in global crude oil prices due to the cessation of petrol and diesel exports from Russia to Europe and the UK caused petrol and diesel prices to rise further.

With winter coming soon, this will cause prices of other commodities to rise and impact core inflation.

“Indonesia is also still importing crude oil, so the dollar demand for importing crude oil continues to increase due to the strengthening of the dollar,” Ibrahim said in his study quoted on Friday (9/29/2023).

On the other hand, the government expects that demand for dollars will be quite high at the end of the third quarter of 2023, when many listed companies, both state-owned and private, will have to pay dividends to investors.

Each year’s dividend payment period typically occurs in May and September 2023. Domestic demand for US dollars will increase 1-2 months before the dividend payment.

“This is also the reason why the rupiah has been in a weakening trend so far,” he said.

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