Weekend rupiah weakens to IDR 15,695, Asian currencies fall

Bisnis.comJAKARTA – Rupiah exchange rate against the US dollar, trading closed sluggishly at Rp 15,695 per US dollar today, Friday (10/11/2023), or weakened for four consecutive days this week. All Asian currencies fell this afternoon and recorded weakness.

Based on Bloomberg data quoted on Friday (11/10/2023) at 3:00 p.m. WIB, the rupiah closed down 0.26% or 40 points at 15,695 rupees per US dollar after falling in yesterday’s trading closed slowly. Meanwhile, the Uncle Sam Currency Index was observed to have risen slightly to 105.90 this afternoon.

All Asian currencies were observed to weaken year-on-year U.S. dollar this afternoon. For example, the Japanese yen weakened by 0.03%, the Hong Kong dollar and Singapore dollar each weakened by 0.01%, the Taiwan dollar fell by 0.29% and the Korean won fell by 0.54%.

In addition, the Philippine peso fell by 0.17%, the Indian rupee corrected by 0.14%, the Chinese yuan fell by 0.10%, the Malaysian ringgit fell by 0.28% and the Thai baht fell by 0. 32% after.

Forexindo Futures Profit Director Ibrahim Assuaibi said the US Federal Reserve or The Fed gave a signal for a further interest rate hike, reflecting high inflation.

“The prospect of high U.S. interest rates for an extended period bodes poorly for Asian currencies as the gap between risky and low-risk returns narrows,” Ibrahim said in Research on Friday (10/11/2023). .

Additionally, concerns over China’s economic slowdown also dampened sentiment towards Asia following a series of weak data releases in October 2023, although these data raised hopes of further stimulus measures from Beijing.

Speaking from home, Ibrahim said the Indonesian government must maintain momentum for domestic demand recovery after the pandemic amid global uncertainty due to the conflict in the Middle East.

However, according to him, Indonesia’s economic growth remained strong in the third quarter of 2023, supported by household consumption, which increased by 5.06% year-on-year (year-on-year), in line with the continued increase in mobility, stable public purchasing power, and consumer confidence still high.

With these developments Bank Indonesia (BI) expects economic growth to remain in the range of 4.5% to 5.3% for all of 2023.

“For Monday trading [12/11] “Next week, the rupiah currency is expected to fluctuate but will close lower in the range of Rs 15,680 to Rs 15,770,” concluded Ibrahim.

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