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Rupiah continues weakening trend on Friday
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A woman waits in line at a money changer in Jakarta. (Antara/Puspa Perwitasari)
T
he rupiah continued to weaken on Friday as its exchange rate against the US dollar stood at Rp 15,182, according to the Jakarta interbank spot dollar rate (JISDOR), 0.32 percent lower than its position the previous day, which was quoted at Rp 15,133.
Meanwhile, according to the foreign exchange spot market, the currency was quoted at Rp 15,182 per dollar at 9:55 a.m., 0.03 percent lower than its position on Thursday.
Futures firm Monex Investindo Futures analyst Putu Agus Pransuamitra said the rupiah weakened further because investors were still waiting for data on US nonfarm payroll employment and unemployment rates to be released on Friday.
Putu said the data was expected to confirm a statement made by the Federal Reserve that the US economy was still moving in a positive direction, serving as consideration for the Fed to further increase the Fed Fund Rate.
“If the economic indicators are good, the target to increase its reference rate to 3.5 percent in 2020 could be achieved,” he said as reported by kontan.co.id.
The dollar is still in a solid position against other currencies, which among other reasons was supported by the political crisis in Italy because the budget deficit had caused the euro exchange rate to weaken against the dollar, he said.
“Indirectly, the weakening euro has also affected the rupiah’s rate,” according to Putu.
He estimated the rupiah’s exchange rate to range between Rp 15,120 and Rp 15, 200 per dollar on Friday. (bbn)
