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Jakarta Post

Rupiah weakens to almost Rp 13,900 against US dollar

News Desk (The Jakarta Post)
Jakarta
Fri, April 20, 2018

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 Rupiah weakens to almost Rp 13,900 against US dollar A money changer at ITC Kuningan shopping center exchanges US banknotes on Feb. 28. (Antara/Puspa Perwitasari)

The rupiah exchange rate weakened to Rp 13,893 against the US dollars in the spot exchange rate on Friday evening.

Meanwhile, the Jakarta interbank spot dollar rate (Jisdor) quoted the Indonesian currency at Rp 13,804 against the US dollar, declining by 0.78 percent compared to Rp 13,778 on Thursday.

Monex Investindo Futures analyst Putu Agus Pransuamitra said that the weakening of the Indonesian currency had been sparked by expectations of a Federal Fund Rate increase.

It was also caused by a number of optimistic indicators in the US, including an increase in retail sales, he added.

“The expectations about the Fed Fund Rate have recovered after weakening because of trade war sentiments and geopolitical conflict,” Putu said as reported by kontan.co.id, adding that the US economy was also growing positively.

The condition of the US economy had also sparked speculation that the Federal Reserve would increase its reference rate three times this year, Putu said.

He, however, did not ignore the possibility that technical factors might also push down the value of the rupiah against the US dollar.

Putu did not believe any domestic factors had contributed to the weakening of the rupiah as the economy was solid, as indicated by the trade surplus announced by the Central Statistics Agency (BPS) earlier this week and the credit rating upgrade by Moody’s’. (bbn)

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